Pradhan Mantri Fasal Bima Yojana

Source: DD News

** ****Context: **The Union Cabinet has approved the continuation of the Pradhan Mantri Fasal Bima Yojana (PMFBY) until 2025-26, allocating ₹69,515 crore.

About Pradhan Mantri Fasal Bima Yojana:

• **Launched in: **2016 by the Ministry of Agriculture & Farmers Welfare. • Objective: • Provide insurance coverage for crop losses caused by natural calamities. Stabilize farmers’ income and ensure continuance in farming. Promote modern agricultural practices and encourage credit flow to agriculture. • Provide insurance coverage for crop losses caused by natural calamities. • Stabilize farmers’ income and ensure continuance in farming. • Promote modern agricultural practices and encourage credit flow to agriculture. • Premium rates: • Kharif crops: 2% of the sum insured. Rabi crops: 1.5% of the sum insured. Commercial/horticultural crops: 5% of the sum insured. Balance premium subsidized equally by the Central and State Governments. • Kharif crops: 2% of the sum insured. • Rabi crops: 1.5% of the sum insured. • Commercial/horticultural crops: 5% of the sum insured. • Balance premium subsidized equally by the Central and State Governments. • Area-based approach: • Coverage is implemented on a notified area basis for major crops. Unit of insurance: Village/Village Panchayat level for major crops. • Coverage is implemented on a notified area basis for major crops. • Unit of insurance: Village/Village Panchayat level for major crops. • Beneficiary coverage: • All farmers growing notified crops with insurable interest. Voluntary participation from Kharif 2020. • All farmers growing notified crops with insurable interest. • Voluntary participation from Kharif 2020. • Risks covered: • Yield Losses: Due to natural calamities like hailstorms, cyclones, droughts, floods, and pest attacks. Prevented Sowing: Claims up to 25% of the insured sum for adverse weather. Post-Harvest Losses: Coverage for up to 14 days for drying crops. Localized Risks: Hailstorm, landslides, and inundation affecting specific farms. • Yield Losses: Due to natural calamities like hailstorms, cyclones, droughts, floods, and pest attacks. • Prevented Sowing: Claims up to 25% of the insured sum for adverse weather. • Post-Harvest Losses: Coverage for up to 14 days for drying crops. • Localized Risks: Hailstorm, landslides, and inundation affecting specific farms. • Key features: • Technology Use: Satellite imagery, drones, remote sensing, and AI for yield assessment. YES-TECH Initiative: Technology-based yield estimation to reduce dependency on crop-cutting experiments. No Upper Limit: Government subsidy without a cap. Ease of Reporting: Farmers can report crop loss within 72 hours via the Crop Insurance App. • Technology Use: Satellite imagery, drones, remote sensing, and AI for yield assessment. • YES-TECH Initiative: Technology-based yield estimation to reduce dependency on crop-cutting experiments. • No Upper Limit: Government subsidy without a cap. • Ease of Reporting: Farmers can report crop loss within 72 hours via the Crop Insurance App. Insta links:

• Agriculture