Nationwide Review of Pradhan Mantri Fasal Bima Yojana

The center has provided states/UTs with options to choose any number of other risk cover/functions, such as preventing seeding, local disasters, mid-season adversity, and post-harvest losses.

Updated: Mar 29, 2021 09:52:34 am

29 March 2021 Current Affairs:The Union Minister of Agriculture and Farmer Welfare conducted a nationwide review of Pradhan Mantri's Fasal Bima Yojana.

♦ Pradhan Mantri Fasal Bima Yojana (PMFBY) was launched in 2016 to provide comprehensive insurance for crop damage or loss caused by accidents, thereby helping to stabilize farmers’ income and encouraging them to adopt innovative practices. The plan is managed by the Ministry of Agriculture and Farmer Welfare.
♦ Crops covered: oil crops; all food crops; annual commercial/horticultural crops
♦ Insurance premium: All farmers of harif crops will pay a uniform cost of 2%, and all farmers of rabbi crops will uniformly pay 1.5% of the cost. For annual commercial and horticultural crops, the premium paid by farmers is 5%.
♦ Coverage: Designed to cover the losses suffered by farmers, such as losses before planting, post-harvest losses caused by hurricane rainfall, and losses caused by non-seasonal rainfall in India. It also covers losses caused by local disasters (such as floods, hail and landslide risks).
♦ Exclusions: Losses due to war and nuclear risks, malicious sabotage and other preventable risks are not included in this plan.
♦ The plan is implemented by experienced general insurance companies. Funding for this project comes from Krishi Kalyan Kosh. Krishi Kalyan Kosh (Farmers’ Welfare Fund) is an emergency fund used to provide support to farmers when their crops are damaged due to low yields and natural disasters, and to provide assistance when the minimum support price is delayed MSP).
♦ Last year, the Union Cabinet approved the transformation of Pradhan Mantri Fasal Bima Yojana to achieve fast and accurate earnings estimates, thereby speeding up claims settlement. Registration of the program has been voluntarily provided to all farmers, including those who have loans for existing crops.
♦ Starting from the Harif season in 2020, the center will reduce its share of premium subsidies under PMFBY from 50% to 25%, and the share of non-irrigated areas from 30%. Areas with 50% or more irrigated area will be considered as irrigated area/area.
♦ The northeastern states increased the central share of premium subsidies from the existing 50:50 distribution model to 90%. Technical solutions such as Smart Sampling Technology (SST) will be used in the assessment exercise.
♦ The center has provided states/UTs with options to choose any number of other risk cover/functions, such as preventing seeding, local disasters, mid-season adversity, and post-harvest losses.
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