Pradhan Mantri Fasal Bima Yojana: Details for New Crop Insurance Scheme. India is the country having 2/3rd of its population depending upon agriculture. Farmer is the backbone of India. But in our country farming largely depends on the rainfall which is erratic in most of the places. While some places in the country are extremely suffered from the rains, some are experiencing droughts all the way. This kind of situation at any point may lead to extreme losses to the farmers by way reducing the crop productivity.
Pradhan Mantri Fasal Bima Yojana
In order to protect the farmers Central government has come with a new scheme called “Pradhan Mantri Fasal Bima Yojana” on 13thJanuary, 2016. This scheme enables the farmers to avail crop insurance for their crops at very low rate of premium. Here are the complete details of this scheme.
This scheme will be implemented in every state of India, having an association with the respective State Governments. And this crop insurance scheme will be administered under the Ministry of Agriculture and Farmer’s Welfare, Government of India.
Objective of this scheme:
The primary objective of this new crop insurance scheme is to provide a more efficient insurance support to the farmers of the country and become a financial support to vast number of farmers. This scheme mainly concentrates on preventing the farmers incur heavy losses even if the crops gets damaged due to natural calamities and other unavoidable circumstances
Integrated scheme to benefit farmers:
It has been revealed on the surveys that the already existed schemes to assist the farmers by way providing insurance have not been much beneficial to farmers due to the complexity involved in that. So this scheme was introduced abolishing all the existing schemes like National Agricultural Insurance Scheme (NAIS) and Modified National Agricultural Insurance Scheme (MNAIS). So now there is only one integrated scheme to provide all the insurance assistance to the farmers.
Low premium:
Pradhan Mantri Fasal Bima Yojana allows the farmers to pay very low premium to cover their crop. The old schemes like national agriculture insurance used t charge a high amount of premiums for covering the crop. Even it was 25-27 % of the some assured in some years. To enable the small and medium farmers government charges low premium under this schme. This would be
- For Kharif crops : 2%
- For Rabi crops : 1.5%
- For commercial & horticultural crops : 5%
Quick claim processing:
Earlier the claim processing activity was very slow and even the farmers were given very low compensation for the loss occurred due to the inaccurate assessment of the loss caused.
But Pradhan Mantri Fasal Bima Yojana will make the assessment of the losses very accurate and fast. Using Smart phones, remote sensing technology and the drones losses will be estimated. This would lead to maximum benefit to the farmers.
Applicability:
Pradhan Mantri Fasal Bima Yojana will come into force from the coming kharif season of 2016.
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