PRADHAN MANTRI FASAL BIMA YOJNA SCHEME 2023
Pradhan Mantri Fasal Bima Yojana (PMFBY) is a crop insurance scheme launched by the Government of India to provide financial support to farmers in the event of crop loss or damage. The scheme aims to stabilize the income of farmers and ensure their financial security by mitigating the risks associated with agriculture. Here is a detailed description of PMFBY
Coverage and Eligibility:
All farmers, including sharecroppers and tenant farmers, are eligible to participate in PMFBY.
The scheme covers all crops, both food crops and horticultural crops, grown by farmers in the notified areas.
Insurance Premium:
The premium rates for PMFBY are kept low to make it affordable for farmers.
The farmers' contribution to the premium is highly subsidized, ensuring that they pay a nominal amount.
The remaining premium is shared equally between the central and state governments.
Sum Insured:
The sum insured under PMFBY is based on the scale of finance, which is the loan amount provided to farmers for cultivation.
The sum insured represents the maximum liability of the insurance company in case of crop loss or damage.
PMFBY provides coverage against a range of risks, including natural calamities such as drought, flood, cyclone, hailstorm, frost, and pest attacks.
It also covers risks associated with localized calamities like landslides and inundation.
Post-harvest losses caused by defined perils such as unseasonal rains or fire are also covered.
Claim Settlement:
In case of crop loss or damage, farmers need to intimate the insurance company within 72 hours of the occurrence of the event.
The insurance company assesses the loss through a crop-cutting experiment (CCE) or other predefined methods.
Once the loss assessment is completed, the claim amount is determined and settled within a specific time frame.
The compensation amount is directly credited to the farmer's bank account.
Use of Technology:
PMFBY integrates technology to ensure transparency and efficiency in the implementation of the scheme.
Remote sensing, satellite imagery, and mobile apps are used for accurate estimation of crop yield and losses.
The technology-driven approach minimizes delays in claim settlement and ensures timely assistance to farmers.
How to Apply for PMFBY:
Farmers who wish to enroll in PMFBY can follow these steps:
Contact the Insurance Company:
Farmers should approach the nearest insurance company or the agriculture department to inquire about the enrollment process.
The insurance company will provide the necessary application forms and guidance.
Fill and Submit Application Form:
Farmers need to fill the application form accurately, providing details about their crops, landholding, and other required information.
The completed application form along with any required supporting documents should be submitted to the insurance company or the concerned agricultural authority.
Pay the Premium:
The premium amount, as determined by the insurance company, must be paid by the farmer within the specified deadline.
The premium payment can be made through various modes, including online payment or through authorized centers.
Acknowledgment and Policy Document:
After the application and premium payment, farmers receive an acknowledgment receipt from the insurance company.
Subsequently, a policy document is issued to the farmer, outlining the coverage, terms, and conditions.
It's important to note that the application process and specific details may vary depending on the state and the insurance company involved in implementing PMFBY. Therefore, it is advisable for farmers to consult the respective agricultural department or insurance company for accurate and up-to-date information regarding the application procedure in their region.
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