HDFC Pradhan Mantri Fasal Bima Yojana Details PDF

PDF Name	HDFC Pradhan Mantri Fasal Bima Yojana Details
No. of Pages	1
PDF Size	0.19 MB
Language	English
Tags	Sarkari Yojana
PDF Category	Government
Source / Credits	hdfcbank.com
Uploaded By	Pradeep

HDFC Pradhan Mantri Fasal Bima Yojana Details - Summary

After the Indian government repealed older insurance systems like the National Agriculture Insurance Scheme (NAIS), Weather-based Crop Insurance System, and Modified National Agricultural Insurance Plan, it launched the Pradhan Mantri Fasal Bima Yojana (PMFBY) in April 2016. This scheme serves as India’s main agriculture insurance program today, providing crucial support to farmers across the country.

Overview of Pradhan Mantri Fasal Bima Yojana (HDFC)

The Pradhan Mantri Fasal Bima Yojana offers farmers essential insurance coverage and financial support when their declared crops suffer losses due to natural disasters, pests, or diseases.

The main goals of PMFBY include stabilizing farmers’ income so they can continue agriculture, encouraging the use of modern and innovative farming techniques, and ensuring that financial resources are accessible to the agricultural sector.

Objectives of Pradhan Mantri Fasal Bima Yojana (HDFC)

– To provide insurance coverage and financial assistance to farmers in case of crop failure due to natural calamities, pests, or diseases.
– To stabilize farmers’ incomes to allow them to continue their farming activities.
– To encourage farmers to adopt innovative and advanced farming practices.
– To ensure that the agricultural sector has access to necessary financial resources.

Benefits of PM Fasal Bima Yojana

The Pradhan Mantri Fasal Bima Yojana significantly reduces the premium contributions for farmers: just 2% for Kharif crops, 1.5% for Rabi crops, and 5% for Annual and Commercial crops. It also allows for the assessment of individual losses in case of localized hazards like hailstorms, floods, and landslides.

Additionally, in the event of cyclones, cyclonic rains, or unseasonal rainfall nationwide, it assesses yield loss on a plot-by-plot basis, ensuring that farmers receive support for crops that are damaged and left in the field in a ‘cut and spread’ condition for up to two weeks (14 days) after harvesting to facilitate drying.

For further details, you can also download the complete PDF guide on the Pradhan Mantri Fasal Bima Yojana below!

RELATED PDF FILES