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Pradhan Mantri Fasal Bima Yojana 2022 Benefits & Detail

Pradhan Mantri Fasal Bima Yojana 2022: Pradhan Mantri Fasal Bima Yojana(PMFBY) is a government-sponsored scheme that provides crop insurance and financial support to the farmers of India. Crop Insurance is a measure through which the people practicing agriculture are protected against financial losses. There are several factors that are responsible for the losses such as natural calamities, pests, and diseases. On the 6th anniversary of PMFBY, the Meri Policy Mere Hath campaign was launched by the government to impel the farmers to take the insurance. Ashish Bhutani, Joint Secretary Ministry of Agriculture and Farmers Welfare, Government of India is the CEO of PMFBY. In this article, we have provided complete information on Pradhan Mantri Fasal Bima Yojana 2022.

Pradhan Mantri Fasal Bima Yojana 2022: Introduction

Pradhan Mantri Fasal Bima Yojana(PMFBY) is one of the main schemes of the government in which insurance coverage is given to the farmers in case of failure of any notified crop. Prime Minister Narendra Modi launched Pradhan Mantri Fasal Bima Yojana(PMFBY) on 18th February 2016. PMFBY replaced the two previous schemes of the Government of India namely  the National Agricultural Insurance Scheme (NAIS) as well as the Modified NAIS. The Ministry of Agriculture has been handed over the charge of PMFBY. Under PMFBY the annual commercial and horticulture crops, food crops, and oilseeds are covered.

 

Pradhan Mantri Fasal Bima Yojana 2022 in Hindi

 

Pradhan Mantri Fasal Bima Yojana 2022: Objectives

The main goal of Pradhan Mantri Fasal Bima Yojana is to support sustainable production in agriculture. The ways through which goals can be achieved are:

  • Financial support to be provided to the farmers who have suffered the damage of their crops due to any unforeseen event.
  • To stabilize the income of farmers so that they continue practicing farming.
  • Encourage the farmers so that they can adopt innovative and modern agricultural practices. Implementation of modern technology will help the farmers in producing higher yields more efficiently.
  • Being ensured that credit is being flown to the agriculture sector because it will contribute to food security, crop diversification and enhancing growth and competitiveness of agriculture sector as well as protecting the farmers from dangers of production.

Pradhan Mantri Fasal Bima Yojana 2022: Who can be Covered?

The farmers who will be covered under the Pradhan Mantri Fasal Bima Yojana(PMFBY) include:

  • The farmers who have not taken any institutional credit or non-loanee farmers can be included under PMFBY by providing the required documents.
  • The farmers who have been granted Seasonal Agricultural Operations(SAO) loans from any financial institution, loanee farmers will be automatically a part of PMFBY.

Pradhan Mantri Fasal Bima Yojana 2022: Crops Covered

The crops that are eligible for the Pradhan Mantri Fasal Bima Yojana(PMFBY) include:

  • Annual Commercial Crops/Annual Horticulture Crops
  • Food Crops(Cereals, Millets, and Pulses)
  • Oilseeds

Pradhan Mantri Fasal Bima Yojana 2022: Premium to be Paid

Under the Pradhan Mantri Fasal Bima Yojana 2022(PMFBY) the farmers have to pay a uniform premium of only 2% for all the Kharif Crops and 1.5% for all the Rabi Crops to the Insurance Companies. For annual commercial and annual horticulture crops farmers have to pay only 5% premium. On Government subsidy there is no upper limit. The Balance Premium is divided equally between the Centre and the State. The Balance premium will be endured by the Government even if it is 90%. Premium has to be paid through NEFT and other means such as DD or Cheques are not acceptable.

Pradhan Mantri Fasal Bima Yojana 2022: Amount Dispensed under PMFBY

The amount disbursed under the PM Fasal Bima Yojana Scheme in different years are provided below in the table. The data compiled here is as on 30th June 2022.

Year Amount Dispensed (In Crores)
2018-19 28,464
2019-20 26,413
2020-21 17,932
2021-22 (Kharif 2021 season only) 7,558

Pradhan Mantri Fasal Bima Yojana 2022: How to Enroll?

Both the categories of farmers one has taken the loan and the another who has not taken the loan will have to enroll in the National Crop Insurance Portal(NCIP). NCIP is maintained by the Ministry of Agriculture and Farmers welfare, New Delhi and the banks that are responsible for providing Crop Loans to the farmers have to upload the data in the NCIP.

The farmers who have not taken the loan will have to upload the the data in the NCIP along with the necessary documentary evidence of land records prevailing in the State (Records of Right (RoR), Land possession Certificate (LPC) etc.) and/ or applicable contract/ agreement details/ other documents notified/ permitted by concerned State Government.

Pradhan Mantri Fasal Bima Yojana 2022: Coverage of Risks

Under the PMFBY the following stages of the crop risks are handled:

  • The Insured area that has not been sowed/planted/germinated because of insufficient rainfall or adverse weather conditions.
  • Post Harvest Losses, in which the coverage will be available for a maximum period of two weeks from harvesting.
  • Crop loss due to Drought, Dry spells, Pests and Disease attack are also covered.
  • Localized Issues such as attack by wild animals are considered.
  • Non-preventable risks coverage that include Natural Fire and Storm, Lightning, Cyclone, Hailstorm, Tempest, Typhoon, Tornado, and, hurricanes.

Pradhan Mantri Fasal Bima Yojana 2022: Companies providing Crop Insurance

The companies that provide Crop Insurance to the farmers under PMFBY are listed below:

  • Agriculture Insurance Company
  • Cholamandalam MS General Insurance Company
  • Reliance General Insurance Co. Ltd.
  • Bajaj Allianz
  • Future Generali India Insurance Co. Ltd.
  • HDFC ERGO General Insurance Co. Ltd.
  • IFFCO Tokio General Insurance Co. Ltd.
  • Universal Sompo General Insurance Company
  • ICICI Lombard General Insurance Co. Ltd.
  • Tata AIG General Insurance Co. Ltd.
  • SBI General Insurance
  • United India Insurance Co.
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FAQs: Pradhan Mantri Fasal Bima Yojana(PMFBY) 2022

Q.1 What is Pradhan Mantri Fasal Bima Yojana(PMFBY) 2022?

Ans. Pradhan Mantri Fasal Bima Yojana(PMFBY) is one of the main schemes of the government in which insurance coverage is given to the farmers in case of failure of any notified crop.

Q.2 Which all crops are covered under the Pradhan Mantri Fasal Bima Yojana(PMFBY)?

Ans. The crops that are covered under the Pradhan Mantri Fasal Bima Yojana(PMFBY) include Food Crops, Oilseeds, Annual Commercial/Horticulture Crops.

Q.3 Which campaign was launched by the government on the 6th anniversary of PMFBY?

Ans. Meri Policy Mere Hath campaign was launched by the government to impel the farmers to take the insurance on the 6th anniversary of PMFBY.

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