PM Crop Insurance Scheme: Farmers will now get compensation for crop loss, know full details
PM Crop Insurance Scheme: There is good news for the nation’s millions of farmers. Pradhan Mantri Fasal Bima Yojana (PMFBY), a significant central government program, is helping to shield farmers’ crops from harm brought on by natural catastrophes. In order to improve their financial situation, farmers are compensated under this system with insurance in the event that their crops fail. Let’s learn everything there is to know about the Government of India’s crop insurance program in this post today.
What does the plan aim to achieve?
In 2016, the central government launched the Pradhan Mantri Fasal Bima Yojana. This program’s primary goal is to provide farmers access to reasonably priced crop insurance coverage in order to make up for losses brought on by natural catastrophes such as drought, floods, storms, hailstorms, and unexpected rains. As of February 18, 2025, the program has been in place for nine years, and over 36 crore farmers have benefited from it.
Who is eligible to benefit from the plan?
This program is available to farmers in almost every Indian state. They must apply for this within ten days of the crop being sown. Farmers may apply offline via banks, cooperative societies, or the Common Service Center (CSC), or they can apply online by going to the website.
How much will the premium cost?
Farmers are required to pay a minimal premium under this arrangement.
- 2% for Kharif crops
- 1.5% of Rabi crops
- Premium of no more than 5% on commercial or horticultural crops
- Together, the federal and state governments pay the remaining sum.
What should I do if I lose?
The insurance company must be notified within 72 hours if a natural catastrophe damages a farmer’s crop. Following an examination, the insurance company evaluates the loss and transfers the payout amount straight to the farmer’s account. Farmers benefit greatly from the Prime Minister Crop Insurance Scheme, which acts as a kind of financial safety net during lean times. The full benefits of this program may be obtained by applying at the appropriate time.