Article on "PMFBY"

The Pradhan Mantri fasal bima yojana (PMFBY) launched on 18 February 2016 by Prime Minister Narendra Modi is an insurance service for farmers for their yields.[1] It was formulated in line with One Nation–One Scheme theme by replacing earlier two schemes Agricultural insurance in India#National Agriculture Insurance Scheme and Modified National Agricultural Insurance Scheme by incorporating their best features and removing their inherent drawbacks (shortcomings). It aims to reduce the premium burden on farmers and ensure early settlement of crop assurance claim for the full insured sum.

OBJECTIVES

Pradhan Mantri Fasal Bima Yojana aims at supporting sustainable production in 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 flow of credit to the agriculture sector which will contribute to food security, crop diversification and enhancing growth and competitiveness of agriculture sector besides protecting farmers from production risks.

All the farmers growing notified crops in a notified area during the season who have insurable in the crop are eligible.Voluntary coverage: From 2020 Kharif onwards the enrollment is made 100% voluntary.

Oil seeds Food crop Annual Commercial / Annual Horticultural crops.In addition for perennial crops, pilots for coverage can be taken for those perennial horticultural crops for which standard methodology for yield estimation is available.