Pradhan Mantri Fasal Bima Yojana (PMFBY) successfully completes 5 Years of operations
Part of: GS Prelims and GS-II – Policies and Interventions
- 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.