HDFC Pradhan Mantri Fasal Bima Yojana Details
After repealing past insurance systems such as the National Agriculture Insurance Scheme (NAIS), Weather-based Crop Insurance System, and Modified National Agricultural Insurance Plan, the Indian government established the Pradhan Mantri Fasal Bima Yojana in April of 2016.
PMFBY is the government’s flagship agriculture insurance scheme in India at the moment.
Objectives of Pradhan Mantri Fasal Bima Yojana (HDFC)
To offer farmers insurance coverage and financial assistance if any of the declared crops fail due to natural calamities, pests, or illnesses.
Farmers’ incomes must be stabilized for them to continue farming.
Farmers should be encouraged to use creative and advanced farming practices.
To ensure that finance is available to the agricultural sector.
Benefits of PM Fasal Bima Yojana
The farmer’s premium contribution is drastically reduced: 2% for Kharif crops, 1.5 percent for Rabi crops, and 5% for Annual and Commercial crops. Provision for assessing individual losses in the event of localized hazards such as hailstorms, flooding, and landslides.
Assessment of yield loss on a plot-by-plot basis in the event of a cyclone, cyclonic rains, or unseasonal rainfall across the country, resulting in damage to harvested crop laying in the field in ‘cut and spread’ condition for up to two weeks (14 days) after harvesting for the express purpose of drying.
