India is an agricultural country. A large part of it depends on agriculture. The central government and the state government are running many schemes to make the farmers self-reliant. In this context, the government has launched the Pradhan Mantri Fasal Bima Yojana (PMFBY) to protect farmers from crop loss due to natural calamities. You can apply for it till December 31.
Apply before December 31
Under the Pradhan Mantri Fasal Bima Yojana (PMFBY), farmers are given financial benefits for crop loss due to natural calamities. Under this scheme, the last date has been fixed for insuring the crops of the Rabi season. Under this scheme, the farmers are insured for their crops. Farmers get the benefit of this insurance if there is any damage to their crops due to storm, flood, drought or storm.
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Get insurance for these crops
Under the PM Crop Insurance Scheme, the last date has been fixed for insuring the crops of the Rabi season. Farmers have started sowing wheat, mustard, gram and other Rabi crops in their fields. Farmers have been asked to apply for this scheme before the last date to avoid crop protection and financial loss due to disasters. The average insurance premium rate for Rabi crops has also been reduced compared to the Kharif season.
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What are the benefits of Pradhan Mantri Fasal Bima Yojana (PMFBY)?
The objective of Pradhan Mantri Fasal Bima Yojana (PMFBY) is to support sustainable production in the agriculture sector –
a) Provide financial assistance to farmers affected by crop loss/damage due to unforeseen events.
b) Stabilize farmers’ income to ensure their continuity in farming.
c) Encourage farmers to adopt new and modern farming methods.
d) Ensure flow of credit to the agriculture sector; which will contribute to food security, crop diversification and growth and competitiveness of the agriculture sector besides protecting farmers from production risks.
How many crops are covered under this scheme?
Under this scheme, insurance is provided on food crops (cereals, millets and pulses), oilseeds, annual commercial, annual horticultural crops.
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Crop Insurance Cut-off Date
The cut-off date for insurance of wheat, mustard and gram and other Rabi crops has been fixed as December 31, 2024. You can apply before December 31.
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How much insurance amount will have to be paid?
For Kharif season crops, farmers will have to pay a premium of 2 percent of the total insurance amount. For Rabi season crops, farmers will have to pay a premium of 1.5 percent of the total insurance amount, which is 0.5 percent less than for Kharif season. To insure horticultural and commercial crops, farmers will have to pay a premium of 5 percent of the total amount.