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Pradhan Mantri Fasal Bima Yojana (PMFBY) successfully completes 5 Years of operations

  • IASbaba
  • January 14, 2021
  • 0
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Pradhan Mantri Fasal Bima Yojana (PMFBY) successfully completes 5 Years of operations

Part of: GS Prelims and GS-II – Policies and Interventions 

In news 

  • Crop Insurance Scheme- The Pradhan Mantri Fasal Bima Yajana (PMFBY) successfully completes 5 Years of operations on 13th January 2021.

Important value additions 

  • The Pradhan Mantri Fasal Bima Yojana (PMFBY) was launched in 2016. 
  • It is an insurance service scheme for farmers for their yields. 
  • It aims to reduce the premium burden on farmers and ensure early settlement of crop assurance claim for the full insured sum.
  • It was formulated in line with One Nation–One Scheme theme by replacing earlier two schemes National Agricultural Insurance Scheme (NAIS) and Modified National Agricultural Insurance Scheme (MNAIS).
  • The Scheme covers all Food & Oilseeds crops and Annual Commercial/Horticultural Crops for which past yield data is available and for which requisite number of Crop Cutting Experiments (CCEs) are being conducted under General Crop Estimation Survey (GCES).
  • Implemented by: Empanelled general insurance companies. 
  • Administered by: Ministry of Agriculture
  • The scheme is compulsory for loanee farmers availing Crop Loan /KCC account for notified crops and voluntary for others. 

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