The Pradhan Mantri Fasal Bima Yojana (PMFBY) continues to be a crucial agricultural insurance scheme in India as of 2024. Launched in 2016, this program aims to provide comprehensive crop insurance coverage to farmers against losses due to natural calamities, pests, and diseases. In 2024, the scheme has evolved to better address the changing needs of Indian agriculture while maintaining its core objective of protecting farmers’ interests.

The PMFBY covers a wide range of crops, including food crops, oilseeds, and annual commercial and horticultural crops. Both landowner and tenant farmers are eligible for coverage, ensuring broad protection across the agricultural sector. The premium rates remain farmer-friendly, with farmers paying only 2% for kharif crops, 1.5% for rabi crops, and 5% for annual commercial and horticultural crops. The government bears the majority of the premium cost, making the scheme accessible to farmers across economic strata.

What is Pradhan Mantri Fasal Bima Yojana

The Pradhan Mantri Fasal Bima Yojana (PMFBY) in 2024 continues to be a flagship crop insurance program of the Indian government, designed to provide comprehensive financial protection to farmers against crop losses due to natural calamities, pests, and diseases. This scheme covers a wide range of crops including food crops, oilseeds, and annual commercial and horticultural crops, catering to both landowner and tenant farmers. In 2024, PMFBY maintains its farmer-friendly premium rates, with farmers paying only 2% for kharif crops, 1.5% for rabi crops, and 5% for annual commercial and horticultural crops, while the government subsidizes the bulk of the premium cost. The scheme has embraced technological advancements, utilizing satellite imagery, drone surveys, and mobile applications to streamline crop assessment and expedite claim settlements. Participation in PMFBY remains voluntary, allowing farmers to make informed decisions about their insurance needs.

Objective of the Scheme

The PMFBY works on the One Nation, One Crop, One Premium. To provide insurance coverage and financial support to the farmers in the event of failure of any of the notified crops as a result of natural calamities, pests & diseases.

• To stabilize the income of farmers to ensure their continuance in farming.
• To encourage farmers to adopt innovative and modern agricultural practices.
• To ensure the flow of credit to the agriculture sector.

Objective: The PMFBY works on the One Nation, One Crop, One Premium. To provide insurance coverage and financial support to the farmers in the event of failure of any of the notified crops as a result of natural calamities, pests & diseases.

• To stabilize the income of farmers to ensure their continuance in farming.
• To encourage farmers to adopt innovative and modern agricultural practices.
• To ensure the flow of credit to the agriculture sector.

Implementation Agency

Objective: The PMFBY works on the One Nation, One Crop, One Premium. To provide insurance coverage and financial support to the farmers in the event of failure of any of the notified crops as a result of natural calamities, pests & diseases.

• To stabilize the income of farmers to ensure their continuance in farming.
• To encourage farmers to adopt innovative and modern agricultural practices.
• To ensure the flow of credit to the agriculture sector.

Implementation Agency

The Scheme shall be implemented through a multi-agency framework by selected insurance companies under the overall guidance & control of the Department of Agriculture, Cooperation & Farmers Welfare (DAC&FW), Ministry of Agriculture & Farmers Welfare (MoA&FW), Government of India (GOI) and the concerned State in co-ordination with various other agencies; viz Financial Institutions like Commercial Banks, Co-operative Banks, Regional Rural Banks and their regulatory bodies, Government Departments viz. Agriculture, Co-operation, Horticulture, Statistics, Revenue, Information/Science & Technology, Panchayati Raj etc

Notified Area : Notified Area is the Unit of Insurance decided by the State Govt. for notifying a Crop during a season.

Risks to be covered

1. Yield Losses : Comprehensive risk insurance is provided to cover yield losses due to non-preventable risks, such as :

• Natural Fire and Lightning
• Storms, Hailstorms, Cyclones, Typhoons, Tempest, Hurricanes, Tornados, etc.
• Flood, Inundation, and Landslide
• Drought, Dry spells
• Pests/ Diseases etc.

2. Prevented Sowing (on notified area basis) : In cases where the majority of the insured farmers of a notified area, having the intent to sow/plant and incurred expenditure for the purpose, are prevented from sowing/planting the insured crop due to adverse weather conditions, shall be eligible for indemnity claims upto a maximum of 25% of the sum insured

3. Post-Harvest Losses (individual farm basis) : Coverage is available upto a maximum period of 14 days from harvesting for those crops which are kept in “cut & spread” condition to dry in the field after harvesting, against specific perils of cyclone / cyclonic rains, unseasonal rains throughout the country.

4. Localized Calamities (individual farm basis) : Loss/damage resulting from the occurrence of identified localized risks i.e. hailstorm, landslide, and Inundation affecting isolated farms in the notified area.

Benefits of the Scheme

• The scheme provides comprehensive insurance coverage for both Kharif (monsoon) and Rabi (winter) crops.
• Additional coverage is available for specific circumstances or situations.
• Participation in the scheme is optional for all farmers, including those who have taken loans (loanee) and those who haven’t (non-loanee).
• The primary goal is to stabilize farmers’ income, ensuring they can continue their agricultural activities despite potential setbacks.

Documents Required

• Bank Account Number.
• Aadhaar Card.
• Khasra Number of Land.
• Agreement Photocopy.
• Ration Card.
• Voter ID.
• Driving license.
• Passport-size photograph of the farmer.

Eligibility Criteria

• The farmer must grow crops on the insured land, either as an owner or a sharecropper.
• Farmers need to have proper documents showing they own or rent the land.
• Farmers must apply for insurance within 2 weeks of when they start planting their crops.
• They shouldn’t have gotten money for the same crop damage from somewhere else.
• The farmer needs to have a bank account and must provide their bank details and ID when signing up.
• Any farmer growing specific crops in certain areas during the farming season can get insurance if they have a financial stake in the crop.

How to Apply Online

• Farmers who want to apply need to go to the official website.
• On the website, look for and click on the “Farmer Corner” section. If you’re new and don’t have an account yet :

• Click on “Guest Farmer”
• Fill in all your information carefully
• Click “Submit” to create your account

• Once you have an account, find the insurance form and fill it out with all the necessary information.

How to Claim ?

• In case of crop loss, farmers are required to file a claim with the insurance company within the prescribed time frame, which is generally within 72 hours of the occurrence of the loss.
• List of concerned person/company details on the portal and click in “Report Crop Loss” or download the app and report crop loss.
• The claim must be accompanied by supporting documents, such as photographs of the damaged crop and a report from the village-level committee (VLC) or the agriculture department.