Pradhan Mantri Fasal Bima Yojana (PMFBY) scheme was launched in India by the Ministry of Agriculture & Farmers Welfare, New Delhi from the Kharif 2016 season onwards. National Insurance Company started participating in PMFBY from Rabi 2016 onwards and covered 8 States and 2 Union Territories during the past 5 seasons namely, Rabi 2016-17, Kharif & Rabi 2017, and Kharif & Rabi 2018 covering 70,27,637 farmers. Farmers’ share of the premium is Rs. 453 crores and with subsidy from State/Central Govts RS.1909 Crores, gross Premium is Rs.2362 Crores for the 5 seasons together. Whilst the claims of Kharif 18 and Rabi 18 are under process, we have closed the first 3 seasons with a gross premium amount of Rs.1804 Crores collected from 35,22,616 farmers and claims to the tune of Rs.1703 crores were paid, by which 17,66,455 no of farmers benefited, which shows almost 50% of the farmers insured were benefitted.
There are Two Schemes under the said operational Guidelines.
- Pradhan Mantri Fasal Bima Yojana (PMFBY) – Elaborated here under.
- Revised Weather-Based Crop Insurance Scheme (RWBCIS) – Please refer to pm my the website for details
Objectives of the Scheme:
Pradhan Mantri Fasal BimaYojana (PMFBY) aims at supporting sustainable production in the agriculture sector by way of
- 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 the flow of credit to the agriculture sector will contribute to food security, crop diversification, and enhancing growth and competitiveness of the agriculture sector besides protecting farmers from production risks.
How do enroll farmers in the scheme?
Both Loanee and Non-Loanee farmers are to be enrolled in the National Crop Insurance Portal(NCIP) belonging to the Ministry of Agriculture & Farmers Welfare, New Delhi. Banks who are lending Seasonal Crop Loans to the farmers are responsible to upload the data to the NCIP
In the case of Non-loanee farmers, Intermediaries, Common Service Centers (CSCs), farmers on their own and other Agencies are to upload the data in the NCIP, along with uploading 4 documents namely,………….
The premium must be paid by way of NEFT only and DD or Cheques are not accepted. Similarly offline applications for enrollment are not accepted as every application needs to be filled in online.
Coverage of Crops:
- Food crops (Cereals, Millets, and Pulses),
- Annual Commercial / Annual Horticultural crops.
In addition for perennial crops, pilots for coverage can be taken for those perennial horticultural crops for which standard methodology for yield estimation is available.
Coverages of Risks and Exclusion under Pradhan Mantri Fasal Bhima Yojana:
The following stages of the crop risks leading to crop loss are covered under the Scheme. The addition of new risks by the State Govt other than the one mentioned below, by the State Govt. is not permitted.
- Prevented Sowing/Planting/Germination Risk: The insured area is prevented from sowing/planting/germination due to deficit rainfall or adverse seasonal/weather conditions. 25% of the sum insured will be paid and the Policy will be terminated.
- Standing Crop (Sowing to Harvesting): Comprehensive risk insurance is provided to cover yield losses due to non-preventable risks, viz. Drought, Dry spells, Flood, Inundation, widespread Pests, Disease attacks, Landslides, Fire due to natural causes, Lightning, Storm, Hailstorm, and Cyclone.
- Post-Harvest Losses: Coverage is available only up to a maximum period of two weeks from harvesting, for those crops which are required to be dried in cut and the spread / small bundled condition in the field after harvesting against specific perils of Hailstorm, Cyclone, Cyclonic rains, and Unseasonal rains.
- Localized Calamities: Loss/damage to notified insured crops resulting from the occurrence of identified localized risks of Hailstorms, Landslides, Inundation, Cloud bursts, and Natural fire due to lightning affecting isolated farms in the notified area.
- Add-on coverage for crop loss due to attack by wild animals: The States may consider providing add-on coverage for crop loss due to attack by wild animals wherever the risk is perceived to be substantial and identifiable.
How to initiate the claim?
Prevented Sowing/ Planting / Germination Risk: Prevented from planting/germination (Area Based) sowing
Mid-Season Adversity: 25% of likely claims as ad-hoc payment. (Area Based)
Post-Harvest Losses: Up to a maximum period of two weeks from harvesting, for those crops which are required to be dried in cut and the spread / small bundled condition in the field after harvesting against specific perils of Hailstorm, Cyclone, Cyclonic rains, and Unseasonal rains
Localized Calamities: Loss/damage due to identified localized risks of Hailstorm, Landslides, Inundation, Cloud bursts, and Natural fires due to lightening affecting isolated farms in the notified area
Responsibilities of the farmers:
- Timely Information/claim lodging for damage of crops due to localized calamities and post-harvest losses.
- To ensure that the insured crop is the same as the crop is sown.
Change of insured crops:
The change may be informed to KCC/ Crop-loan sanctioning bank branch immediately but not later than 2 days prior to the cut-off date for a debit of premium/date of enrolment. This should be accompanied by a sowing certificate.
Premiums under Pradhan Mantri Fasal Bima Yojana:
To avail of insurance benefits under this scheme, farmers are required to pay a nominal share of actuarial premiums—Kharif crops (2%), Rabi crops (1.5%), Commercial crops (5%), and Horticultural crops (5%). However, 95-98.5% of the actuarial premium is fulfilled by the state and central governments and shared on a 1:1 ratio. For example, if a farmer has a sum of Rs. 35,000 (US$ 477) and one hectare of land is insured, the actuarial premium charged by insurance companies is Rs. 4,000 (US$ 54.5). In this scenario, if the farmer grows Kharif crops on the insured land, then he is required to only pay 2% of the actuarial premium, i.e., Rs. 800 (US$ 10.9), while the remaining amount of Rs. 1,600 (US$ 21.8) each will be paid by state and central governments.
Insurance companies participating in Pradhan Mantri Fasal Bima Yojana:
This scheme was implemented by 18 insurance companies that became impaneled partners by successfully completing the L1 bidding process and are listed as follows:
- Agriculture Insurance Company
- Bajaj Allianz General Insurance Co. Ltd.
- Bharti Axa General Insurance Company Ltd.
- Cholamandalam MS General Insurance Company Ltd.
- Future Generali India Insurance Co. Ltd.
- HDFC Ergo General Insurance Co. Ltd.
- ICICI Lombard General Insurance Co. Ltd.
- IIFCO Tokio General Insurance Co. Ltd.
- National Insurance Company Ltd.
- New India Assurance Company
- Oriental Insurance
- Reliance General Insurance Co. Ltd.
- Royal Sundaram General Insurance Co. Ltd.
- SBI General Insurance
- Shriram General Insurance Co. Ltd.
- Tata AIG General Insurance Co. Ltd.
- United India Insurance Co.
- Universal Sompo General Insurance Company
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