PM Fasal Bima Yojana: Even now, farmers in our country are concerned about their crops in every season. Sometimes there is less rain, sometimes too much rain, and sometimes hailstorms or pests damage the crops. In such cases, the hard work done in a year is destroyed in an instant.
Realizing this problem, the government has started a very important scheme for farmers, named the Pradhan Mantri Fasal Bima Yojana (PMFBY). This scheme gives financial security to farmers so that they are not left alone in times of loss.
What is the Pradhan Mantri Fasal Bima Yojana, and why is it important?
The PM Fasal Bima Yojana is a scheme to give protection to farmers against losses due to natural calamities. In this scheme, if the crop is damaged for any reason from sowing to harvesting, the farmer gets compensation for the damage in the form of insurance.
The most special thing about this scheme is that the farmer has to give only a very low premium. The rest of the premium is given by the central and state governments.
How is crop insurance done under PMFBY?
Under PMFBY, crop insurance is done on the basis of area-based assessment. This means that the loss is assessed not on the basis of the crop of a single farmer, but on the basis of the condition of the crops in the whole area. If the loss in that area is above the predetermined limit, then all eligible farmers in that area get the benefit of the insurance.
This process has been designed in such a way that there is transparency in the whole process and all farmers get equal benefits.
Which farmers can benefit from this scheme?
Only those farmers who grow in notified areas can benefit from this scheme. This includes not only those farmers who own land but also tenant farmers and sharecroppers. It is necessary that the farmer has the right to the crop that is being insured.
Also, the farmer should have valid documents related to the land or a lease agreement. If a farmer has already taken a crop loan from a bank, then this insurance is mandatory for them.
What kind of benefits are provided to farmers under PMFBY?
The major benefit that farmers receive from this scheme is that they are not left completely shattered when a natural disaster hits them. In the case of crop failure, the insurance amount is directly credited to the farmer’s bank account.
This helps farmers to plan for the next crop and also saves them from debt. The major advantage of this scheme is that it offers complete coverage at a very low premium.
How to apply for PMFBY
Farmers can apply for this scheme from their nearest bank, cooperative society, or from the government website. While applying for this scheme, farmers are required to submit their Aadhaar card, bank account, land documents, and details about the crops they have planted.
At present, in many states, this process has been made completely online, which helps farmers to avoid frequent visits to offices.
Why every farmer should be a part of PMFBY
Agriculture is completely dependent on nature, and nobody knows when nature might turn against them. In such a scenario, the Pradhan Mantri Fasal Bima Yojana (PMFBY) proves to be a safety net for farmers. It not only safeguards them against losses but also makes them self-sufficient.
Disclaimer: The article is for general information purposes only. The terms and conditions, as well as the benefits of the scheme, may be altered by the government from time to time. For complete information, please visit the official website of your state or your nearest bank branch before applying. The author does not claim any responsibility.
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