In April, 2016, the Government of India had launched Pradhan Mantri Fasal Bima Yojana(PMFBY) after rolling back the earlier insurance schemes viz. National Agriculture Insurance Scheme (NAIS), Weather-based Crop Insurance scheme and Modified National Agricultural Insurance Scheme (MNAIS). Thus, at present, PMFBY is the flagship scheme of the government for agricultural insurance in India.
Crops Covered Under PMFBY
The Actuarial Premium Rate (APR) is charged under PMFBY. This rate is applied on the Sum Insured. The maximum premium rate payable by the farmers under this scheme is determined using the following table:
|Season||Crops||Maximum insurance charges payable by farmer|
|Kharif||All food grains and oilseed crops||2% of Sum Insured|
|Rabi||All food grains and oilseed crops||1.5% of Sum Insured|
|Kharif and Rabi||Annual Commercial / Annual Horticultural crops
Perennial Horticultural Crops (Pilot Basis)
|5% of Sum Insured|
Remaining premium will be paid equally by the State and Central Government.
There is no need for the insured farmer to intimate the insurance company losses due to prevented sowing, as this will be a widespread calamity and assessment is based on area approach. This benefit is triggered when majority of farmers are unable to sow their crop because of weather conditions. The details are as below:
This cover pays for the shortage in yield of the insured crop compared to Threshold Yield (TY) on area approach.
Where, AY is calculated on the no. of CCE's done in the Insurance unit and TY is calculated as the average of the best of 5 years from the last seven years.
This cover is to provide immediate relief to farmers in case of any widespread calamity or adverse season, wherein the expected yield during the season is likely to be less than 50% of normal yield.
This scheme has benefitted a large number of aggrieved farmers across the country. We have paid approximately INR 894 crores as claim amount in 2017. This is more than two times the claims paid in 2016.
|States||Claims Paid (In Cr.)|
|FY 2016-17||FY 2017-18|
In the financial year 2016-17, we have implemented PMFBY in the states of Bihar, Chhattisgarh, Haryana and Telangana covering approximately 12.38 lakh farmers.
In the financial year 2017-18, we have implemented PMFBY in the states of Chhattisgarh, Haryana, Uttar Pradesh, Rajasthan and Telangana covering approximately 50 lakh farmers.
For the current year we are implementing the PMFBY in the states of Chhattisgarh, Jharkhand, and Uttar Pradesh. We are also implementing Restructured Weather Based Crop Insurance Scheme for Horticulture crops in the State of Rajasthan.
In case of any grievances related to PMFBY, you may reach us on 1800-209-5959, or alternatively write to us on the below ID's:
Mr Vivek Lalan,
Assistant Vice President - Agri Business, Vivek.firstname.lastname@example.org
Mr Subhasheesh Rawat,
Zonal Manager & Central Liaison - Agri Business,
For any grievance related to Rabi 2018 season you can reach out to:
|Mr Subhasheesh Rawat
Zonal Manager & Central Liaison - Agri Business, Subhasheesh.Rawat@bajajallianz.co.in
|Mr Anupam Shrey
|Mrs Sudeshna Dasgupta
This year there was immense hailstorm, but thankfully I am covered with Pradhan Mantri Fasal Bima Yojna and BAGIC did a brilliant job in paying my claims. It was settled in a quick and hassle free manner directly in my bank account.
BAGIC imparted a lot of awareness to farmers via Street Plays on the importance of Crop Insurance. I am extremely thankful to our Prime Minister and BAGIC advisors for spreading such awareness. It is indeed a noble deed.
BAGIC is doing a noble job making farmers like us aware of Pradhan Mantri Fasal Bima Yojna without which we could have suffered immensely owing to this year's hailstorm. I am also impressed by the way the claim amount was credited directly into my bank account.