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Governance

Pradhan Mantri Fasal Bima Yojana (PMFBY)

  • 06 Jan 2020
  • 2 min read

Why in News

Maharashtra has become the first state in the country to integrate its land records with the web portal of the Pradhan Mantri Fasal Bima Yojana (PMFBY).

  • This will help in checking the cases of “over-insurance” — insurance of more land than in possession — as well as insurance of ineligible people.
  • Maharashtra also counts itself among the top five states in the country in terms of payment of claims under the PMFBY.
  • During the financial year 2018-19, the state had 1.39 crore farmers opting for the scheme and the total premium collected was Rs 4,778.30 crore.

Pradhan Mantri Fasal Bima Yojana (PMFBY)

  • The Pradhan Mantri Fasal Bima Yojana was launched in 2016 and is being administered by the Ministry of Agriculture and Farmers Welfare.
  • It provides a comprehensive insurance cover against failure of the crop thus helping in stabilising the income of the farmers.
  • Scope: All food & oilseed crops and annual commercial/horticultural crops for which past yield data is available.
  • Premium: The prescribed premium is 2% to be paid by farmers for all Kharif crops and 1.5% for all rabi crops. In the case of annual commercial and horticultural crops, the premium is 5%.
  • The scheme is compulsory for loanee farmers availing Crop Loan /Kisan Credit Card (KCC) account for notified crops and voluntary for others.
  • The scheme is implemented by empanelled general insurance companies. The selection of the Implementing Agency (IA) is done by the concerned State Government through bidding.

Source: IE

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