Pradhan Mantri Fasal Bima Yojana: Farmers Get Rs 1.25 Lakh Crore In Claims Till Oct 31

The PMFBY is the third largest crop insurance scheme in the world and is tipped to become number one in the coming years.

Pradhan Mantri Fasal Bima Yojana: Farmers Get Rs 1.25 Lakh Crore In Claims Till Oct 31
Under the scheme, the Ministry of Agriculture & Farmers' Welfare said, the government is committed to providing comprehensive insurance coverage against crop loss.

FARMERS have been paid claims worth Rs 1,25,662 crore under the Pradhan Mantri Fasal Bima Yojana since its inception in 2016, the government announced on Thursday.

Under the scheme, crop insurance premiums amounting to Rs 25,186 crore have been paid by farmers till October 31 this year.

Under the Pradhan Mantri Fasal Bima Yojana (PMFBY), the Ministry of Agriculture & Farmers' Welfare said, the government is committed to providing comprehensive insurance coverage against crop loss on account of non-preventable natural risks.

"In the last 6 years, Rs 25,186 crore have been paid by farmers as the premium, wherein Rs 1,25,662 crore have been paid to the farmers against their claims as on October 31, 2022, with Central and state governments bearing most of the premium under the scheme," an official statement said.

The PMFBY is the third largest crop insurance scheme in the world and is tipped to become number one in the coming years as around five crore farmer applications are being received under the scheme every year, it added.

"The acceptability of the scheme has increased amongst the farmers in the last 6 years, with [the] share of non-loanee farmers, marginalised farmers and small farmers increasing by 282 per cent since the initiation of the scheme in 2016," the ministry said.

The scheme operates on insurance principles: the extent of the area insured; the damage occurred; and the sum insured are the important determinants in arriving at the claim amount.

The ministry said that digitisation and technology are playing a significant role in scaling up the reach and operations of PMFBY with precision agriculture.

Some of the key steps taken to enhance efficiency and ensure greater transparency include the recently introduced Weather Information and Network Data Systems (WINDS), Yield Estimation System based on Technology (YES-Tech), Collection of Real Time Observations and Photographs of Crops (CROPIC).

Moreover, to address farmer grievances in real time, an integrated helpline system is currently under beta testing in Chhattisgarh, the statement said.

(With inputs from PTI)

This website uses cookie or similar technologies, to enhance your browsing experience and provide personalised recommendations. By continuing to use our website, you agree to our Privacy Policy and Cookie Policy.