Pradhan Mantri Fasal Bima Yojna

ABOUT THE SCHEME

Objective of the Scheme:
Pradhan Mantri Fasal Bima Yojana (PMFBY) aims at supporting sustainable production in agriculture sector by way of -

a) providing financial support to farmers suffering crop loss/damage arising out of rmers to ensure their continuance in farming

c) encouraging farmers to adopt innovative and modern agricultural practices

d) ensuring flow of credit to the agriculture sector; which will contribute to food security, crop diversification and enhancing growth and competitiveness of agriculture sector besides protecting farmers from production risks.

The Scheme covers all Food & Oilseeds crops and Annual Commercial/Horticultural Crops for which past yield data is available and for which requisite number of Crop Cutting Experiments (CCEs) will be conducted being a part of the General Crop Estimation Survey (GCES).

The scheme is compulsory for loanee farmer obtaining Crop Loan /KCC account for notified crops. However, voluntary for Other/non loanee farmers who have insurable interest in the insured crop(s).

The Maximum Premium payable by the farmers is 2% for all Kharif Food & Oilseeds crops, 1.5% for Rabi Food & Oilseeds crops and 5% for Annual Commercial/Horticultural Crops.

The difference between premium and the rate of Insurance charges payable by farmers shall be shared equally by the Central and State Governments .

The seasonality discipline shall be same for loanee and non-loanee farmers.