Pradhan Mantri Fasal Bima Yojana completes 5 years

The Pradhan Mantri Fasal Bima Yojana (PMFBY) completed its 5 years on 12 January 2021. The scheme was launched 5 years ago, on 13th January 2016.

• It is a flagship crop insurance scheme – conceived as a milestone initiative to provide a comprehensive risk solution at the lowest uniform premium across the country for farmers.

• Premium cost over and above the farmer share is equally subsidized by States and GoI. However, GoI shares 90% of the premium subsidy for North Eastern States to promote the uptake in the region.

• The average sum insured per hectare has increased from ₹15,100 during the pre-PMFBY Schemes to ₹40,700 under PMFBY.

• The Scheme covers over 5.5 crore farmer applications year on year. Till date, claims worth Rs 90,000 crores have already been paid out under the Scheme.

• Aadhar seeding has helped in speedy claim settlement directly into the farmer accounts.