Pradhan Mantri Fasal Bima Yojana (PMFBY) is a government-sponsored crop insurance scheme launched by the Government of India in 2016. The scheme aims to provide financial protection to farmers in the event of crop failure due to natural calamities, pests, and diseases.
Pradhan Mantri Fasal Bima Yojana (PMFBY): Benefits, Eligibility & Key Features
Under the scheme PMFBY, farmers can make insure their crops against a variety of risks. List of risk or hazards including:
- Pest attack
- Disease outbreak
The premium for the scheme is subsidized by the government, making it affordable for farmers. Also read: Atal Pension Yojana (APY)
Farmers can enroll in the PMFBY scheme through the Common Service Centers (CSCs) located in their villages.
Benefits of PMFBY
PMFBY offers a number of benefits to farmers, including:
- Financial protection in case of crop failure
- Subsidized premium
- Easy to enroll in
Impact of PMFBY
PMFBY has had a positive impact on the lives of farmers in India. The scheme has helped farmers to reduce the financial burden on farmers in case of crop damage or failure. It has also helped to stabilize the income of farmers.
As of March 2023, more than 220 million farmers have enrolled in the PMFBY scheme. The scheme has paid out over ₹1 lakh crore in claims to farmers since its launch.
PMFBY is a good crop insurance scheme for farmers in India. The scheme offers financial protection in case of crop failure and is affordable for farmers.
Farmers should enroll in the PMFBY scheme to protect themselves from the financial risks associated with crop failure.
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