PRADHAN MANTRI FASAL BIMA YAJANA (PMFBY)

About:

• The Pradhan Mantri Fasal Bima Yojana (PMFBY) was launched in 2016 by Prime Minister Narendra Modi.
  
  
• It is an insurance service scheme for farmers for their yields. It aims to reduce the premium burden on farmers and ensure early settlement of crop assurance claim for the full insured sum.
  
  
• It was formulated in line with One Nation–One Scheme theme by replacing earlier two schemes National Agricultural Insurance Scheme (NAIS) and Modified National Agricultural Insurance Scheme (MNAIS).
  
  
• The Scheme covers all Food & Oilseeds crops and Annual Commercial/Horticultural Crops for which past yield data is available and for which requisite number of Crop Cutting Experiments (CCEs) are being conducted under General Crop Estimation Survey (GCES).
  
  
• The scheme is implemented by empanelled general insurance companies. The scheme is being administered by Ministry of Agriculture.
  
  
• The scheme is compulsory for loanee farmers availing Crop Loan /KCC account for notified crops and voluntary for other others.