Not Found
Suggestion
Try Searching
Not Found
Suggestion
Search Not Found
Try Searching
We're here to help you find the perfect insurance plan. our team will get in touch.
We respect your privacy. Your details are safe with us.
Our team will contact you shortly to provide personalized assistance with your insurance plan.
You can also reach out to us on 1800 266 1112
What is PMJBY?
The Pradhan Mantri Fasal Bima Yojana (PMFBY), launched in 2016, is a crop insurance scheme aimed at providing comprehensive coverage to farmers against various risks associated with farming. Indian farmers face multiple challenges, like unpredictable rainfall, occasional unfavourable weather, pest infestation, and crop diseases. These can significantly impact crop yields in terms of quality and quantity, thereby affecting farmers' income.
To safeguard farmers against such uncertainties and provide financial security, the Government of India introduced the PMFBY. It replaced the existing National Agricultural Insurance Scheme (NAIS) and the Modified National Agricultural Insurance Scheme (MNAIS) to address the shortcomings of the previous schemes and enhance the financial security of farmers.
Secure key aspects of your life with the most comprehensive general insurance plans at affordable premiums
Objectives of the Pradhan Mantri Fasal Bima Yojana (PMFBY):
- The primary goal of the Pradhan Mantri Fasal Bima Yojana (PMFBY) is to support sustainable agricultural production by:
- Providing financial assistance to farmers facing crop loss or damage due to unforeseen events.
- Stabilising farmers' income to ensure their continued engagement in farming.
- Encouraging the adoption of innovative and modern agricultural practices among farmers.
- Ensuring the flow of credit to the agriculture sector, contributing to food security, crop diversification, and enhancing the growth and competitiveness of the agriculture sector.
- Additionally, the scheme serves to protect farmers from production risks.
Eligibility for PMFBY:
All farmers who have been sanctioned Seasonal Agricultural Operations (SAO) loans (Crop Loans) from Financial Institutions (FIs), i.e., loanee farmers, for the notified crop(s) season are covered compulsorily.
The scheme is optional for non-loanee farmers.
Insurance coverage is equivalent to the sum insured per hectare, as defined by the government notification or on the National Crop Insurance Portal (NCIP), multiplied by the sown area for the notified crop.
Enrollment Process:
Both loanee and non-loanee farmers must be enrolled in NCIP, under the Ministry of Agriculture & Farmers' Welfare, New Delhi.
Banks providing Seasonal Crop Loans are responsible for uploading data in the NCIP for loanee farmers.
For non-loanee farmers, intermediaries, Common Service Centres (CSCs), farmers themselves, and other agencies are responsible for uploading data into the NCIP.
Crops covered:
The Pradhan Mantri Fasal Bima Yojana covers:
- Food crops (Cereals, millets, and pulses)
- Oilseeds
- Annual Commercial / Annual Horticultural crops
For perennial crops, coverage can be extended for those horticultural crops with a standard methodology for yield estimation.
Premium Rates:
The premium rates paid by farmers to the insurance company are as follows:
- Kharif (2%) and Rabi (1.5%): Food grains, including Cereals, Pulses, and Oilseeds
- 5%: Annual Horticulture and Commercial Crops
If the quoted premium rate by the insurance company after the bidding process is higher than the specified rates, the difference is shared by the State and Government of India at 50% each as a premium subsidy.
Financial Security in Times of Crisis:
One of the primary benefits of PMFBY is its ability to provide financial support to farmers facing crop losses or damages due to unforeseen events, such as natural calamities, pests, or diseases.
Stabilising Farmers' Income:
PMFBY plays a pivotal role in stabilising farmers' incomes and ensuring their continued engagement in agriculture. By mitigating the financial impact of crop losses, the scheme prevents farmers from falling into debt traps and safeguards their livelihoods.
Encouraging the Adoption of Modern Agricultural Practices:
The scheme incentivises farmers to embrace innovative and modern agricultural practices. By providing insurance coverage, PMFBY encourages farmers to adopt advanced technologies, efficient farming methods, and risk-mitigation strategies. This, in turn, contributes to increased productivity and the overall growth of the agricultural sector.
Enhancing Access to Credit:
PMFBY ensures a steady flow of credit to the agriculture sector, which is instrumental in fostering food security, crop diversification, and the competitiveness of the agricultural industry. With the assurance of financial protection through the insurance scheme, financial institutions are more inclined to extend credit to farmers, facilitating their investment in better seeds, fertilisers, and equipment.
Promoting Crop Diversification:
With the financial safety net provided by PMFBY, farmers are encouraged to diversify their crop portfolios. This diversification is economically beneficial for farmers and contributes to a more resilient and sustainable agricultural landscape.
Timely and Efficient Claims Settlement:
PMFBY emphasises a quick and transparent claims settlement process. Leveraging technology, such as satellite imagery and remote sensing, the scheme ensures accurate and timely assessment of crop losses. This efficiency in claims settlement boosts farmers' confidence in the scheme and reinforces its effectiveness.
Coverage of Risks and Exclusions:
Losses arising out of war and nuclear risks, malicious damage, and other preventable risks shall be excluded.
The Pradhan Mantri Fasal Bima Yojana is a testament to the government's commitment to the well-being of the agricultural community. Through its multifaceted benefits, PMFBY provides a safety net for farmers, empowering them to face the inherent risks associated with agriculture. As India strives for agricultural sustainability and resilience, PMFBY continues to be a key driver in ensuring the prosperity and financial security of the farmers who form the backbone of the nation.
High or Low Deductible in Medical Insurance
Choosing between a high or low deductible in medical insurance depends on your medical condition and needs. Understand the fundamentals, so you can make an informed decision while purchasing medical insurance. ...
Read MoreDifference Between Riders and Add-on Covers in Health Insurance
When exploring health insurance, you may have come across riders and add-ons. While these sound similar, they are quite different in terms of the benefits that they...
Read MoreWhy Consumables Coverage Matters in Health Insurance
Health insurance provides financial security and peace of mind- until the real hospital bill arrives. Along with medicines, room rent, and surgery expenses, there is always an...
Read MoreCan I Get Health Insurance for a New Born Baby
Sakshi and Shantanu Pandey, both IT professionals from Bangalore, were overjoyed to welcome their newborn. Due to some complications, however, the little one needed to be admitted...
Read MoreTop 5 Benefits of Family Health Insurance | Generali Central
As a responsible provider for your loved ones, ensuring their well-being is likely your top priority. One crucial aspect of this is having a reliable health insurance...
Read MoreGST on Health Insurance: Key Changes Every Policyholder Must Know | Generali Central
The recent exemption of Goods and Services Tax (GST) on health insurance premiums marks a significant shift for policyholders in India. Earlier, premiums carried an additional 18%...
Read MoreSenior Citizen Health Insurance Inclusions & Exclusions | Generali Central
As we age, our healthcare needs evolve, often requiring more frequent medical attention and specialised treatments. For India's growing elderly population, having the right health insurance coverage...
Read MoreHow to Get Free Health Check-Up With Your Health Insurance | Generali Central
When was the last time you went for a preventive health check-up? If you cannot recall, you are not alone. Many of us neglect our health until...
Read MoreWhat is Automatic Recharge in Health Insurance: Benefits, How it Works | Generali Central
Ever wondered what would happen if your health insurance coverage runs out mid-year? Medical emergencies don’t follow a schedule and sometimes, even a high sum insured isn’t...
Read MoreIs Multi-Year Health Insurance a Smart Choice? Pros, Cons & Tips Explained | Generali Central
When it comes to securing your health and finances, choosing the right health insurance is crucial. While most people opt for annual renewals, multi-year health insurance plans...
Read MoreWhat Is Senior Citizen Health Insurance & Why Is It Important | Generali Central
As we step into our golden years, safeguarding our health becomes more vital than ever. With advancing age comes a greater likelihood of chronic conditions, hospital visits,...
Read MoreChemotherapy duration: How long treatment typically lasts | Generali Central
When faced with a cancer diagnosis, one of the most pressing questions for patients and their loved ones is: How long will chemotherapy last? The duration of...
Read MoreHow to Choose the Best Health Insurance Plan for Women | Generali Central
As a woman, your healthcare needs are distinct and evolve through different life stages. With rising medical costs and women's unique healthcare needs, choosing the best health...
Read MorePrivate vs Government Health Insurance Plans | Generali Central
As healthcare costs continue to rise in India, having reliable health insurance coverage is more important than ever. However, with both private medical insurance and government health...
Read MoreHow to Download Ayushman Card Online
Are you struggling to figure out how to download your Ayushman card for availing free health insurance coverage? Many eligible beneficiaries face challenges in obtaining their Ayushman...
Read MorePradhan Mantri Surakshit Matritva Abhiyan
The pregnancy journey is not easy, and thus, women need extra care with regular health checkups and antenatal care. This process can be costly for many, due...
Read MoreWhy It's Never Too Late to Get Health Insurance | Generali Central
Picture this: You're in your 40s, 50s, or even 60s and have been fortunate enough to enjoy good health without any major medical issues. You may think...
Read More: Exploring Health Benefits & Risks of Intermittent Fasting | Generali Central
Explore intermittent fasting for weight loss & better health. Learn its benefits, risks, and types, and see how health insurance supports your wellness journey....
Read MoreTop Cancer Hospitals In Mumbai
Introduction From supporting the maternal duties to establishing the sacred emotional bond with the child, maternity leave in workplaces is necessary for every soon-to-be mother. The Maternity...
Read MoreLeaving too soon!
Didn’t find what you are looking for? Let our experts guide you.
