Pradhan Mantri Fasal Bima Yojana: Features and Benefits Explained

Pradhan Mantri Fasal Bima Yojana (PMFBY) is a crop insurance program launched by the Government of India in 2016. The scheme aims to provide comprehensive crop insurance coverage and financial support to farmers in case of crop damage due to natural calamities, pests, and diseases. The scheme covers all states and Union Territories in India and provides insurance coverage for all food crops, oilseeds, and horticulture crops. The premium is shared equally between farmers and governments. The scheme benefits small and marginal farmers who are more vulnerable to crop failures.

Launch:
Pradhan Mantri Fasal Bima Yojana (PMFBY) was launched by the Prime Minister of India, Narendra Modi, on January 18, 2016. The scheme is a flagship crop insurance program of the Government of India, aimed at providing comprehensive crop insurance coverage and financial support to farmers in case of crop damage due to natural calamities, pests, and diseases.

Involved Parties:
The scheme is implemented by the Ministry of Agriculture and Farmers Welfare, Government of India, in collaboration with state governments and insurance companies. The role of the central government is to provide policy guidelines and financial support, while state governments are responsible for implementing the scheme at the ground level. Insurance companies play a vital role in providing insurance coverage and settling claims.

Fund:
The scheme is funded by the central and state governments, with the premium being shared equally between the farmers and the governments. The central government provides a subsidy of up to 90% of the premium, while the state government contributes the rest. The premium rates for the scheme are highly subsidized, with farmers only having to pay 1.5% of the sum insured for kharif crops, 2% for rabi crops, and 5% for horticulture crops.

(Logo of PMFBY)

Area of Scope:
The scheme covers all states and Union Territories in India and provides crop insurance coverage for all food crops, oilseeds, and horticulture crops. The scheme has a wide coverage area and aims to provide insurance coverage to all farmers, whether they are small, marginal, or large. 

Benefits:
The benefits of the scheme include crop insurance coverage against natural calamities, pests, and diseases. Farmers can also benefit from quick and hassle-free claim settlements, financial stability, and security in case of crop failure. The scheme helps farmers to mitigate the risks associated with crop failure and provides a safety net in case of loss.

Beneficiaries:
All farmers, including small, marginal and large farmers, are eligible for the scheme. The scheme covers all crops grown by farmers in India. The scheme is especially beneficial for small and marginal farmers who have limited resources and are more vulnerable to crop failures.

Process of Joining:
Farmers can join the scheme by contacting the nearest Common Service Centre (CSC) or the concerned Agricultural Officer. The farmer needs to submit the application form along with a self-attested copy of the land record and other necessary documents. The scheme has a simple and hassle-free enrollment process, and farmers can join the scheme at any time of the year.

Process of Claim:
In case of crop damage due to any covered risks, farmers need to report the loss to the concerned Agricultural Officer or insurance company within 72 hours. The loss will be assessed by the concerned officials, and the claim will be settled within a specific timeframe. The scheme has provisions for quick and hassle-free claim settlements, which helps farmers to deal with the losses suffered due to crop damage.

Head Office and Branch Offices:
The head office of the scheme is located in New Delhi, and there are several branch offices across the country. The scheme has a well-established network of offices and officials at the national, state, and district levels, which helps in the smooth implementation of the scheme.

Address and Contact Details:
Pradhan Mantri Fasal Bima Yojana
Ministry of Agriculture and Farmers Welfare
Krishi Bhawan, New Delhi - 110001
Contact Number: 011-23383558
Email: pmfby-agri@gov.in

Pradhan Mantri Fasal Bima Yojana is a crucial scheme aimed at providing crop insurance coverage and financial support to farmers in India. The scheme has a wide coverage area and is especially beneficial for small and marginal farmers. The scheme has a simple enrollment process, quick and hassle-free claim settlement process, and an established network of officials and offices at the national, state, and district levels. The scheme has been successful in providing financial stability and security to farmers, mitigating the risks associated with crop failure, and promoting the overall growth of the agricultural sector in India.

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