Pradhan Mantri Fasal Bima Yojana | PMFBY Crop Insurance, Application Form

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Pradhan Mantri Fasal Bima Yojana @ pmfby.gov.in | PMFBY Crop Insurance, Application Form: Pradhan Mantri Fasal Bima Yojana is a central government scheme that is useful for the farmers to provide interest in the loss of crops due to Unseasonal or Excessive Rainfall. Pradhan Mantri Fasal Bima Yojana is replaced scheme of the National Agricultural Insurance Scheme (NAIS) and the National Agricultural Insurance Scheme (MNAIS). So, Farmers who had a loss in the yield can get Insurance from the government. To provide Insurance Farmers must have to fill the Pradhan Mantri Fasal Bima Yojana Online Form within 10 days of sowing to avail of the benefits of the scheme. Moreover, Beneficiaries must also check on the details of Pradhan Mantri Fasal Bima Yojana, Eligibility, Objectives, Premiums Rates in the below sections.

Pradhan Mantri Fasal Bima Yojana Insurance benefits will be given only if crops are damaged at the time of harvesting due to a natural disaster. And the farmers need to pay a premium of only 2% for all Kharif crops and 1.5 percent for all Rabi crops. In the case of annual commercial and horticultural crops, a five percent premium should be paid as per the rules. Moreover, the Pradhan Mantri Fasal Bima Yojana Insurance scheme is regulated by a single insurance company i.e, the Agricultural Insurance Company of India.

Pradhan Mantri Fasal Bima Yojana – Overview

Pradhan Mantri Fasal Bima Yojana Eligibility

All notified IUs would be eligible for “ON ACCOUNT” payment only if the expected Yield of the affected crop during the season is less than 50% of normal Yield.

• The provision could be invoked for a specific crop or group of crops in notified IU, by the State Govt through damage notification based on the proxy indicators and depending on the fulfillment of laid down conditions.
• The quantum of likely losses and the amount of ‘on-account’ payment shall be decided based on the joint survey by Insurance Company and State Govt. officials.
• Only those farmers would be eligible for financial support under this cover who have paid the premium / the premium has been debited from their account before the damage notification by the State Govt. for invoking this provision for compensation. Banks must ensure to debit farmer’s premium within 15 days from sanction/renewal of KCC/crop loan to provide the benefit of this add on products, failing which banks will be liable to meet the claim liabilities of uncovered eligible farmers.
• The amount payable would be 25% of the likely claims, subject to adjustment against final claims.
•  If adversity occurs within 15 days before the normal harvest time, this provision will not be invoked.

Objectives of Pradhan Mantri Fasal Bima Yojana

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

• Providing financial support to farmers suffering crop loss/ damage arising out of unforeseen events
• Stabilizing the income of farmers to ensure their continuance in farming
• Encouraging farmers to adopt innovative and modern agricultural practices
• Ensuring the flow of credit to the agriculture sector which will contribute to food security, crop diversification, and enhancing growth and competitiveness of the agriculture sector besides protecting farmers from production risks.

Coverage of Crops

• Food crops (Cereals, Millets, and Pulses).
• Oilseeds.
• Annual Commercial / Annual Horticultural crops. In addition to perennial crops, pilots for coverage can be taken for those perennial horticultural crops for which standard methodology for yield estimation is available.

PREMIUM RATES

How To Apply For Pradhan Mantri Fasal Bima Yojana?

• Go through the official site @ pmfby.gov.in
• Pradhan Mantri Fasal Bima Yojana Ministry of Agriculture and Farmers Welfare home page will be opened.
• Check for the Farmers Corner and click on it.

• Click on Guest Farmer.

• Then a new page with Registration will be opened.

• Then click on Creare User.
• Now login with the details needed and fill up the Application Form.

• Then click on the submit button after the entire process.

Pradhan Mantri Fasal Bima Yojana Links

Get more latest updates about PMFBY by following our website Freshers Now.