Pradhan Mantri Fasal Bima Yojana

About Pradhan Mantri Fasal Bima Yojana

• Pradhan Mantri Fasal Bima Yojana is an insurance policy that provides risk cover for crops
• It stabilizes farmer’s income to ensure his continuance in farming
• Promotes innovative and modern agricultural practices and encourages farmers to use them
• Ensures flow of credit to the Agriculture sector to promote crop diversification and food security for the nation

How Does Pradhan Mantri Fasal Bima Yojana Work?

A farmer who has taken a loan compulsorily has to buy a Pradhan Mantri Fasal Bima Yojana crop insurance plan. The sum insured is decided by the District Level Technical Committee. This plan is valid for one year. Under this plan, food crops (cereals, millets, and pulses), oilseeds, and annual commercial/horticultural crops are covered.

Several risks under different stages of the life of the crops are covered, as follows:

• Prevented sowing/planting risk: The farmer is prevented from sowing/planting in the insured area due to a deficit of rainfall or adverse seasonal conditions.
• Standing crops (sowing to harvesting): Comprehensive risk insurance is provided to cover yield losses due to non-preventable risks; for example, drought, dry spells, floods, inundation, pests and diseases, natural fire and lightning, storms, hailstorms, and other calamities.
• Post-harvest losses: Coverage against specific perils of cyclone, cyclonic rains, and unseasonal rains is available only up to a maximum period of two weeks from harvesting for crops that are allowed to dry in cut and spread condition in the field after harvesting.
• Localized calamities: Loss/damage resulting from the occurrence of identified localized risks of hailstorms, landslides, and inundation affecting isolated farms in the notified area.

Who Should Go for the Pradhan Mantri Fasal Bima Yojana Scheme?

• Farmers who own a piece of land and practice farming
• Farmers who have taken loans for their crops