Pradhan Mantri Fasal Bima Yojana (PMFBY) is a scheme that replaces all prevailing yield insurance schemes in the country. It was launched for the benefit of farmers in 2016. This scheme has been introduced with an impetus on crop sector.
Objective of PMFBY
Pradhan Mantri Fasal Bima Yojana basically aims at supporting sustainable production in farm sector by; providing financial support to cultivators facing crop loss/damage due to unforeseen events, stabilizing farmers’ income to ensure their continuance in farming and much more.
Eligibility Criteria
Basically, there are two eligibility criteria for different groups of farmers under PMFBY. They are;
- Compulsory Component
- Voluntary Component
Coverage of Risks & Exclusions
The following stages of crop & risks leading to crop loss are basically covered under this yojana.
- Prevented Sowing or Planting Risk
- Standing Crop (Sowing to Harvesting)
- Post-Harvest Losses
- Localized Calamities
General Exclusions – This includes losses due to war or nuclear risks, malicious damage & other preventable risks.
How to register Pradhan Mantri Fasal Bima Yojana?
In order to apply, you will have to visit - https://pmfby.gov.in/. Follow the instructions given there carefully and apply for the scheme.
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