Pradhan Mantri fasal bima yojana (PMFBY) 2020

Pradhan Mantri Fasal Bima Yojana is a farmer-welfare scheme by the government of India. It was launched by Prime Minister Narendra Modi on January 13 2016 that compensates farmers for the loss of corps due to excessive rainfall or any natural calamity. It is a kind of insurance scheme for all farmers who are affected by natural disasters such as unsessional/excessive rainfall.

The Pradhan Mantri Fasal Bima Yojana (PMFBY) is a replacement scheme of the National Agricultural Insurance Coverage Scheme (NAIS) and has been changed because of the revised Nationwide Agricultural Insurance Coverage Scheme (MNAIS). It is exempted from service tax.

The deadline to use for insurance coverage of Kharif crops under the Pradhan Mantri Bima Yojana is 31 July 2020. These indebted farmers who do not want to avail the insurance coverage facility should inform their department in writing seven days before the last date. Non-debtor farmers can do crop insurance coverage on CSC, financial institution, agent, or insurance coverage portal themselves.

Farmers will have to fill the type of application within 10 days of sowing to avail the benefits of the scheme. The benefits of insurance coverage are stated, as crops are broken in between the stages of sowing and there is pure destruction.

They should pay the same premium of only two percent for kharif crops and 1.5 percent for all rabi crops. And, in the case of annual business and horticultural crops, according to the principles only 5 percent premium should be paid.

Overview of the Scheme

Name of the SchemePradhan Mantri Fasal Bima Yojana
Launched byPrime Minister Narendra Modi
Launch Year13th January, 2016
Objective of the schemeProvide financial supports to farmers affected due to corps loss
BeneficiaryFarmers affected by floods or excessive rainfall
Monitor ByMinistry of Agriculture and Farmers Welfare
Official website

Features of the Scheme

  • Under Pradhan Mantri fasal bima yojana, Full insurance coverage protection provisions against crop damage due to the unpreventable cause. It aims to stabilize the income of the farmer and promote modern farming practices.
  • Enhanced and ensure risk coverage for insurance coverage of the crop cycle for pre-sowing and post-harvest losses.
  • As a way of settling claims for widespread damage by any calamity, the PMFBY uses an area-wise approach under which an insurance coverage unit for main crops is deployed to that particular gram or panchayat.
  • Pradhan Mantri fasal bima yojana (PMFBY) also allows farmers to declare the full sum assured without any exemption by removing the capping on the premium provisions apart from different deductions on the sum assured.
  • Along with landslides and hailstorms, even flooding (flooding) has been added as a localized disaster to be assessed on the degree of a particular individual.
  • The assessment of individual agricultural loss is now evaluated by PMFBY for post-harvest losses. It compensates for the damage caused by unseasonal and cyclonic rain across the country which destroys crops left to dry in a span of two weeks.
  • Prevented sowing/planting in a particular area is now provided with claims up to 25% of the sum insured.
  • A group of districts will likely be allocated an insurance coverage firm. This type of cluster method will lead to the efficient implementation of the scheme. The allocation of insurance coverage firms will be through a bid course for an extended period of up to three years.
  • The latest technologies are used to assess crop losses quickly and environmentally. These uses of drones, smartphones, and distance sensing sensors that will ensure early settlement of insurance coverage claims.
  • An online portal for crop insurance coverage has been launched to ensure better administration, higher transparency and coordination, and quick communication.
  • The insurance coverage amount is immediately credited electronically to the farmer’s account.
  • Also, a Unified Package Insurance Scheme (UPIS) has also been approved for the implementation of the scheme on a pilot basis in 45 districts of the country. It covers assets/activities such as machinery, life, accidents, homes, and student-safety along with their notified crops (under PMFBY / Weather Based Crop Insurance Scheme – WBCIS)

Objective of the Scheme

  • Supply insurance coverage protection and monetary help to farmers within. On the occasion of failure of any notified crop due to net disasters, Pests, and diseases.
  • Stabilizing farmers’ income to ensure continuity in farming is the major objective of Pradhan Mantri fasal bima yojana (PMFBY)
  • Encouraging farmers to have modern and technology-based farming practices.
  • Ensuring the prevalence of credit flow in the agricultural sector.

Benefits of Pradhan Mantri Fasal Bima Yojana (PMFBY):

  • Pradhan Mantri fasal bima yojana (PMFBY) provides insurance coverage that resulted in the loss of land, hail, waterlogging, cloudbursts.
  • Crops are insured for pure disasters, diseases, and pests, causing damage from various indigenous disasters such as hail storms, landslides, cloudbursts, and lightning strikes.
  • After harvesting, the insurance coverage firm compensates for the loss of crops that have dried up within the subject for the following 14 days as a result of damage from unseasonal cyclones, hailstorms, and hurricanes to an individual’s.
  • If farmers are unable to sow the crop due to adverse seasonal conditions, then additional benefits are given.
  • The premium paid by the farmers is very low and the remaining premium is paid by the government to the farmers to pay the full sum insured for crop damage in any kind of net disaster.
  • There is no such thing as a high ban on subsidies of officials. Even after the remaining premium is 90 percent, it is borne by the federal government. Farmers can declare all the sum assured without any deduction.
  • The use of expertise has been driven to a significant extent. Smartphones, remote sensing drones, and GPS expertise are being used to gather and add harvesting knowledge to reduce delays in announced funds.
  • In addition, the insurance coverage scheme is regulated by a single insurance coverage firm, the Indian Agricultural Insurance Coverage Firm.

Also Read, Pradhan Mantri Van Dhan yojana

Crops coverage under Pradhan Mantri fasal bima yojana (PMFBY)

Crops that are covered under the PMFBY scheme are given below

  1. Food crops (Cereals, Millets, and Pulses),
  2. Oilseeds
  3. Annual Commercial / Annual Horticultural crops.

Eligibility Standards All farmers with tenants and tenants who grow notified crops within the notified areas are eligible for protection. Nevertheless, farmers should have insurable curiosity within notified/insured crops. Obsolete components that approve monetary agricultural operations (SAO) loans for the notified crop (s) season — all farmers can be compulsorily loaned. Voluntary elements The scheme is non-mandatory for non-loan farmers.

Coverage of Risks and Exclusions under Pradhan Mantri Fasal Bima Yojana

Pradhan Mantri fasal bima yojana

Following are the circumstances that comes under the risk coverage when corps loss occures

Prevented Sowing/Planting/Germination Risk. If the notified area is prevented from sowing/planting due to less rainfall or adverse weather condition, then it comes under the risk coverage.

Standing Crop: Comprehensive risk insurance is provided to cover yield loss due to non-preventable risks, ie. Drought, floods, pests and diseases, landslides, natural causes of fire, lightning, hurricanes, and cyclone.

Post-harvest losses: Coverage is only available for a maximum period of two weeks for crops that need to be dried and spread in the field after harvesting against specific hazards of cyclone, cyclonic rain and unseasonal rain. .

Localized disasters: Localised calamities such as hailstorms, landslides, floods, cloudbursts, and natural fires. Any Loss/damage to notified insured crops because of these calamities shall be covered under the scheme.

General Exclusion:

Damages arising from conflict or war and nuclear hazards, malicious losses and various preventable risks will be excluded.

Administration, Planning and, Monitoring the scheme

The State Level Coordination Committee (SLCCCI) on the current crop insurance coverage of the state may be accountable for monitoring this system of planning within the state. Yet a National level Monitoring Committee (NLMC) headed by Joint Secretary (Credit), Division of Agricultural Cooperation, and Farmers Welfare (DAC & Homeland Welfare) will monitor the scheme nationwide.

In order to be able to ensure most of the benefits to the farmers, it is proposed to implement the following monitoring measures for efficient implementation in every crop season:

Records of insured farmers (each debtor and non-debtor) for additional matching through nodal banks, special identification, father’s identification, account volume, village, category – small and marginal groups, girls, insurance holders, insured crops, Similar to checking. Collected premiums, subsidies to officials and thereafter. Smooth copy can be obtained from the department involved. As soon as the e-platform is ready, it is being made online.

After receiving the declaration volume from the respective insurance coverage corporations, the monetary establishments/banks need to switch the declaration amount to the beneficiaries’ account within a week. This can be immediately transferred online by the insurance coverage firm to the farmers’ accounts.

The checklist of beneficiaries (financial institution smart and insured sector clever) can be uploaded on the crop insurance coverage portal and the web site of the insurance coverage corporations involved.

About 5% of the beneficiaries can be verified under Pradhan Mantri fasal bima yojana by the parent workplaces of the regional workplaces/insurance coverage corporations, who will send suggestions on CCS insurance coverage (SLCCCI) to the involved District Degree Monitoring Committee (DLMC) and state authorities/state degree coordination committee.