Factsheet Details:

Ministry of Agriculture & Farmers Welfare

Empowering Annadatas: Pradhan Mantri Fasal Bima Yojana

Posted On: 15 FEB 2024 16:55 PM

56.96 Crore Applications Insured, Rs 1.54 Lakh Crore Paid in Claims

(Ministry of Agriculture & Farmers Welfare)

Pradhan Mantri Fasal Bima Yojana (PMFBY), launched in 2016, aims to provide a simple, affordable, and comprehensive crop insurance product to Indian farmers. This scheme covers all non-preventable natural risks from pre-sowing to post-harvest, ensuring financial support in the event of crop failure due to natural calamities, pests, or diseases.

Following the "One Nation, One Crop, One Premium" principle, PMFBY offers a comprehensive shield against crop losses caused by unpredictable natural hazards. This protection not only stabilizes farmers' income but also encourages them to adopt innovative practices.

What Makes it Better?

Compared to the previous schemes, the Pradhan Mantri Fasal Bima Yojana (PMFBY) offers a more comprehensive and robust shield for crops. The removal of premium capping under PMFBY allows farmers to receive full claim amounts without reductions.

PMFBY also covers individual farms nationwide for localized disasters like hailstorms, landslides, floods, and wildfires, as well as post-harvest losses from cyclones, heavy rain, and hail.

Tech-Driven Crop Insurance Revolution

The Pradhan Mantri Fasal Bima Yojana (PMFBY) employs Remote Sensing, Smartphones, and Drones for rapid crop loss assessment and claim settlements. The National Crop Insurance Portal (NCIP) digitizes processes for seamless farmer-insurer-bank interaction. YES-TECH (Yield Estimation System Based on Technology) ensures remote sensing based accurate yield estimation, while CROPIC (Collection of Real-time photos and Observations of Crops) uses geotagged photos to verify crops for precise damage assessment. This tech integration empowers farmers and streamlines insurance operations.

Achievements:

With 56.96 crore applications insured since its inception in 2016-17, the Pradhan Mantri Fasal Bima Yojana (PMFBY) has demonstrated substantial impact, paying out Rs 1,54,469 crore in claims. This remarkable reach and financial assistance highlight the scheme's vital role in supporting farmers during challenging times.

By offering a comprehensive and accessible insurance product, PMFBY empowers farmers, improves agricultural practices, and contributes to the overall growth and stability of the Indian agricultural sector.

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