PM Fasal Bima Yojana: Good news for farmers. Apart from PM Kisan, There is a another scheme which is very helpful to indian farmers. This year, many states across the country are experiencing heavy rainfall. Unseasonal rains have led to significant damage to crops. In regions like Uttar Pradesh and Madhya Pradesh, crops have faced considerable harm. In this scenario, if you have enrolled in the PM Fasal Bima Yojana, the government will provide compensation.
PM Fasal Bima Yojana
The PM Fasal Bima Yojana safeguards crops against risks such as drought, storms, hurricanes, unseasonal rain, floods, and more. The goal of this initiative is to offer farmers insurance coverage at reasonable rates in the event of losses due to natural disasters. So far, approximately 36 crore farmers have benefited from this program.
The Pradhan Mantri Fasal Bima Yojana stands as the largest crop insurance scheme in independent India and ranks as the third largest globally. The main aim of this insurance program is to compensate for crop losses resulting from natural disasters, covering the period from pre-sowing to post-harvest. This scheme was established to shield Indian farmers from the financial repercussions of crop failures.
Make the most of insurance like this
Farmers from various states throughout the country can take advantage of the PM Crop Insurance Scheme. They need to complete a form to participate. Applications can be submitted either online or offline. Those who prefer to apply online can do so by visiting the PM Crop Insurance Scheme website at https://pmfby.gov.in. For offline applications, farmers can visit the nearest bank, co-operative society, or CSC (Common Service Center). It is essential for farmers to apply for insurance within 10 days of sowing; only then will their crops qualify for coverage.
Which crops are eligible for profit?
The government publishes a list of crops for each season. This insurance is generally available for cereals, oilseeds, and horticultural crops. It is crucial to understand that if your crop is not listed in the notified crops, you will not be able to access this insurance coverage. Crop insurance is valid for a maximum of 14 days following the harvest.
How much is the premium?
Farmers are required to pay a fixed premium for insurance . This premium is 2 percent of the sum insured for Kharif crops, 1.5 percent for Rabi crops, and a maximum of 5 percent for commercial and horticultural crops. The remaining premium is paid by the state and central governments. It should be noted that the PM Crop Insurance Scheme was launched by the central government in the 2016 Kharif season.
