Crop Insurance
Crop Insurance

Pradhan Mantri Fasal Bima Yojana (PMFBY)

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What is PMFBY?

The PMFBY was launched in 2016 and replaces all the prevailing yield insurance schemes in India. The scheme has been launched with an impetus on crop sector. The scheme has extended coverage under localized risks, post-harvest losses etc. and aims at adoption of technology for the purpose of yield estimation. Through increased farmer awareness and low farmer premium rates the scheme aims at increasing the crop insurance penetration in India.

Pradhan Mantri Fasal Bima Yojana (PMFBY) aims at covering the losses suffered by farmers due to reduction in crop yield as estimated by the local appropriate government authorities. The scheme also covers pre sowing losses, post-harvest losses due to cyclonic rains and losses due to unseasonal rainfall in India. There is a provision to cover losses due to localized calamities such as inundation also in addition to the previously covered hailstorm and landslide risks.

Crop Insurance

Objective of the Schemes

Pradhan Mantri Fasal BimaYojana (PMFBY) 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.

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