Pradhan Mantri Fasal Bima Yojna: What You Need To Know About It?

After the diminution of the schemes such as NAIS, MNAIS, and many others, this is the scheme left. This means that PMFBY is the only existing insurance schemes for farmers.

pradhan mantri fasal bima yojana

As of April 2016, the Indian Government has launched the Pradhan Mantri Fasal Bima Yojna. This decision came to effect after the diminishing of the other insurance schemes that persisted earlier. After the diminution of the schemes such as NAIS, MNAIS, and many others, this is the scheme left. This means that PMFBY is the only existing insurance schemes for farmers.

This is the reason why this agricultural scheme is the most important one for the country. This particular scheme helps and compensates the losses of the farmers in the field. If there is any loss of the crop, the government will pay the farmer a certain amount of money. It is on the basis of the difference between the actual yield and the threshold yield.

Objectives Of The Pradhan Mantri Fasal Bima Yojna

Following are the objectives of the Pradhan Mantri Fasal Bima Yojna 2018:

  • Providing the benefits of financial support and insurance coverage to farmers who have experienced loss of crop. The money would be paid if there is a crop loss due to pests, diseases, or any natural calamity
  • Stabilizing the farmers’ income in order to make sure that farming continues in India
  • Encouraging the farmers to adopt the different techniques of modern agriculture and innovative technology
  • Ensuring the credit flow in the sector of agriculture
Scheme Highlights of Pradhan Mantri Fasal Bima Yojna

Following are the highlights of the Pradhan Mantri Fasal Bima Yojna 2018:

  • The farmers will have to pay about 2% for all the Kharif crops. Apart from the 1.5% of the premium is the demand from the Rabi crops
  • For the horticultural and the commercial crops, 5% premium will be paid by the farmers
  • Government subsidy doesn’t have an upper limit. That means that the government will always pay the balance premium, even if it is 90%
  • After a recent capping, the farmers got fewer claims on their insurance. However, this particular capping is now no more and the farmers get the full decided amount
  • The scheme promotes the latest technology use in a great way. Use of smartphones for capturing crop data is one of the best things of the Pradhan Mantri Fasal Bima Yojna for Karnataka
Eligibility Criteria For Pradhan Mantri Fasal Bima Yojna

Well, here’s what the eligibility criteria for Pradhan Mantri Fasal Bima Yojna are:

  • The candidate must be Indian’s resident and a citizen of the country as well
  • The farmers that apply should be growing at least one of the following crops. It should be either Rabi, Kharif, commercial or horticultural crops
  • The crops of the farmers should have the notification of the area’s Ministry of Agriculture
  • The benefits and financial support is only for those farmers who have applied for the Pradhan Mantri Fasal Bima Yojna
  • Those farmers who blame the crop loss on calamities, pests, and disease will get the insurance
How To Apply?

For applying to the Pradhan Mantri Fasal Bima Yojna for Karnataka, you have to:

  • Log in to the official website
  • Fill in the details in the application
  • Provide information about the land and get a tracking number

So, these are the facts and information that you need to know about the Pradhan Mantri Fasal Bima Yojna. This scheme is certainly one of the most important insurance schemes for farmers.

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