Pradhan Mantri Fasal Bima Yojana

Farmers have been paid claims worth Rs 1,25,662 crore under the Pradhan Mantri Fasal Bima Yojana since its inception in 2016, the government said on Thursday. Crop insurance premium totalling Rs 25,186 crore have been paid by the farmers under the scheme till October 31, 2022. Under the Pradhan Mantri Fasal Bima Yojana (PMFBY), the agriculture ministry said, the government is committed to provide comprehensive insurance coverage against crop loss on account of non-preventable natural risks. "In the last 6 years, Rs 25,186 crore have been paid by farmers as the premium, wherein Rs 1,25,662 crore have been paid to the farmers against their claims as on October 31, 2022 with Central and state governments bearing most of the premium under the scheme," an official statement said, while clarifying on reports that a paltry sum of insurance claims being paid to the farmers in certain districts of Maharashtra. The PMFBY is the third largest crop insurance scheme in the world and tipped to .

Govt crop insurance scheme needs radical rethink

Centre willing to make additional pro-farmer changes in response to climate change

Amid reports of some insurance companies making profits in the government's flagship crop cover scheme PMFBY, the Centre is planning to revamp the programme to rationalise premium rate and encourage participation of more insurers. The likely key changes to the scheme will be implemented from 2023-24 crop year (July-June) after the cabinet approval, according to sources. The Pradhan Mantri Fasal Bima Yojana (PMFBY), launched in February 2016, aims to provide financial support to farmers suffering crop loss/damage arising out of natural calamities. Under this scheme, maximum premium payable by farmers is 2 per cent for all food and oilseeds crops grown in the kharif (summer) season, 1.5 per cent for same crops grown in rabi (winter) season and 5 per cent for commercial and horticulture crops. The difference between premium and the rate of insurance charges payable by farmers is shared equally by the Centre and states. The scheme was last revamped in 2020 to enable voluntary ...

The Centre is set to launch a doorstep distribution drive for the Pradhan Mantri Fasal Beema Yojana (PMFBY) that entered its seventh year on Friday.

The doorstep campaign will be launched in all implementing states in the upcoming Kharif season beginning June, the ministry said in a statement

PMFBY has been falling short of expectations

Delay on the part of states in releasing their share of premium subsidy under PMFBY has been a key reason for the delay in claim settlement over the years, the Centre informed Parliament

Insurer wants premium subsidy released to settle losses, says its commitments to reinsurers and subsequent claim recoveries have been impacted

Response to PMFBY remains underwhelming

In a major farmer outreach, the government on Thursday launched a special drive to enrol more cultivators under the Pradhan Mantri Fasal Bima Yojana (PMFBY)

Digitisation and technology will play a significant role in scaling up the reach and operations of the Pradhan Mantri Fasal Bima Yojana (PMFBY) with precision agriculture, experts said on Wednesday.

While the govt has moved fast on cash support and hike in fertiliser subsidy, the spike in rural Covid cases and tapering yields could hurt

Here's a selection of Business Standard opinion pieces for the day

Five years on, PMFBY still suffers from multiple flaws

The crop insurance scheme launched by his government has benefitted crores of farmers by mitigating farming risks against the vagaries of nature, Prime Minister Narendra Modi said on Wednesday as it completed five years since its launch. In tweets, Modi also asked people to get information on how the 'PM Fasal Bima Yojana' has helped farmers from his NaMo app. "An important initiative to secure hardworking farmers from the vagaries of nature, PM Fasal Bima Yojana completes 5 years today. The Yojana has increased coverage, mitigated risk & benefitted crores of farmers. I congratulate all beneficiaries of the scheme," he said. "How has PM Fasal Bima Yojana ensured greater benefit to farmers? How has transparency been furthered in settlement of claims? These, and other aspects relating to PM-FBY have been answered through innovative content on the NaMo App's Your Voice Section," he added.

The target for the 2020-21 crop year was set at the National Conference for Rabi Campaign 2020, which was held on Monday to review the progress of the kharif season and plan for the rabi crops

From imposing penalties on insurance companies and states that delay claim payment to farmers, to making the scheme voluntary for farmers, PMFBY has seen many twists and turns since inception

Recent changes may actually be counterproductive

She suggested that stringent follow-up should be done with states where subsidy is pending