5 Years of Pradhan Mantri Fasal Bima Yojana
Union Agriculture Minister Shri Narendra Singh Tomar interacted with stake-holders across the country via video conferencing on the occasion of completion of five years of the Pradhan Mantri Fasal Bima Yojana. He said that there is a need to raise awareness about the Pradhan Mantri Fasal Bima Yojana so that many more farmers can take advantage of the scheme.
The scheme, which was launched as a major step to provide a comprehensive risk solution at the lowest uniform premium across the country for farmers, was approved by the union cabinet on 13th January 2016.
The Agriculture Minister also congratulated the state governments, banks and insurance companies for successful implementation of the scheme throughout the country. He cited some notable examples of instances where the scheme was able to safeguard the interests of farmers, such as disbursements of claims during dry spell in Andhra Pradesh, Karnataka, hailstorms in Haryana and locust attack in Rajasthan in 2019.
According to the ministry, the scheme covers over 5.5 crore farmer applications year-on-year. The Aadhaar seeding has helped in speedy claim settlement directly into the farmer accounts.
The scheme was made voluntary for all farmers, after its revamp in February 2020. Further, the states have also been provided flexibility to rationalise the sum insured so that adequate benefit can be availed by farmers, it said.
Under the scheme, premium cost over and above the farmer share is equally subsidised by states and the central government. However, the Centre’s share is 90 per cent of the premium subsidy for northeastern states to promote the uptake in the region.
Some of the Key Features of the Pradhan Mantri Fasal Bima Yojana
- Integration of land records with the PMFBY portal
- Crop insurance mobile app for easy enrolment of farmers
- Usage of technology such as satellite imagery, remote-sensing technology, drones, artificial intelligence and machine learning to assess crop losses.