PM Fasal Bima Yojana: The central government operates numerous schemes for farmers. Among these is the ‘PM Fasal Bima Yojana’ (Prime Minister’s Crop Insurance Scheme), designed to support farmers in the event of natural crop failure. Under this scheme, crops are insured, providing financial assistance in cases of drought, floods, hailstorms, or pest infestations.
Over the past 10 years, more than 12.78 crore farmers have received over ₹2.08 lakh crore in crop insurance payouts through this scheme. This article explores the premium costs involved and the specific circumstances under which farmers are eligible for compensation.
When was the PM Fasal Bima Yojana launched?
The PM Fasal Bima Yojana was launched by Prime Minister Narendra Modi on February 18, 2016. Its primary objective is to provide financial aid to farmers in the event of crop loss. The scheme offers crop insurance coverage for a very low premium. In the event of crop damage caused by natural disasters or other specified risks, claims are settled according to the scheme’s guidelines.
What amount has the government allocated?
In the budget for 2026-2027, an allocation of ₹12,200 crore has been made for the PM Fasal Bima Yojana. The purpose of this funding is to ensure the continuation of the scheme and to provide the benefits of crop insurance to farmers.
When can the benefits of the insurance be claimed?
The PM Fasal Bima Yojana provides coverage for crop losses occurring at various stages. This includes losses that may occur even before sowing. Furthermore, it covers losses sustained during the cultivation period—such as those caused by drought, floods, hailstorms, or pest attacks—making farmers eligible for compensation. Losses occurring at the time of crop harvesting are also covered.
How much premium do farmers have to pay?
A key feature of the PM Fasal Bima Yojana (PM Crop Insurance Scheme) is that farmers are required to pay a very low premium for insurance. The maximum premium payable by farmers is set at 2% of the sum insured for Kharif crops, 1.5% for Rabi crops, and 5% for commercial and horticultural crops. The central and state governments cover the remainder of the premium cost as a subsidy.
How can farmers avail the benefits of the scheme?
To avail the benefits of the PM Fasal Bima Yojana, you can check the details on the official portal. You may then contact your nearest bank branch or the insurance company. Alternatively, you can enquire about the application process through a Common Service Centre (CSC). You can also obtain information regarding crop damage in your district and the application deadline from your state’s Agriculture Department. Further details can be found by visiting the official website.