Pradhan Mantri Fasal Bima Yojana : Latest Data
The latest data tabled in the Parliament by Union Minister for Farmers’ Welfare shows that agriculture insurance premium has been going up while claims payment is down under the Pradhan Mantri Fasal Bima Yojana.
- Pradhan Mantri Fasal Bima Yojana was launched in 2016 and replaced all the prevailing yield insurance schemes in India.
- This scheme is being administered by the Department of Agriculture, Cooperation and Farmers’ Welfare under the Ministry of Agriculture, along with empanelled general insurance companies.
- Aim is to support production in agriculture by providing affordable crop insurance to ensure comprehensive risk cover for crops of farmers against all non-preventable natural risks.
- The scheme provides coverage for the entire cropping cycle, from pre-sowing to post-harvest and midseason adversities.
- 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 the agriculture sector besides protecting farmers from production risks.