The Centre has urged the farming community to take advantage of the Pradhan Mantri Fasal Bima Yojana (PMFBY), which has completed 5 years yesterday, in order to become “self-reliant farmers”. In a statement, the Union agriculture ministry said claims worth 90,000 crore rupees have so far been disbursed to farmers since the launch of the scheme on 13th January 2016.
The Central Government’s flagship crop insurance scheme – the Pradhan Mantri Fasal Bima Yojana (PMFBY) has successfully completed 5 years of its operation.
The government took a historic step towards strengthening risk coverage of crops for farmers and approved the scheme on 13th January, 2016. The scheme was conceived as a milestone initiative to provide a comprehensive risk solution at the lowest uniform premium across the country for farmers.
In the scheme, premium cost over and above the farmer share is equally subsidized by the Centre and States. Ministry of Agriculture has said that the average sum insured per hectare has increased from 15 thousnad 100 during the pre-PMFBY Schemes to 40 thousand 700 under Pradhan Mantri Fasal Bima Yojana.