Pradhan Mantri Fasal Bima Yojana (PMFBY)

Pradhan Mantri Fasal Bima Yojana (PMFBY)

Part of: Prelims 

Context: The Pradhan Mantri Fasal Bima Yojana (PMFBY) has successfully entered its 7th year of implementation. 

What is it: It is an insurance service scheme for farmers for their yields which aims to reduce the premium burden on farmers and ensure early settlement of crop assurance claim for the full insured sum. PMFBY provides financial support to farmers suffering crop loss/damage arising out of natural calamities.

• Over 36 crore farmer applications have been insured under PMFBY
• Over Rs. 1,07,059 crores of claims have already been paid under the scheme
• ‘Meri Policy Mere Hath’ – a doorstep distribution drive to be launched to deliver crop insurance policies to farmers
• Around 85% of the farmers enrolled with the scheme are small and marginal farmers.
• The recent announcement by Finance Minister of India Smt. Nirmala Sitharaman during her 2022-23 budget speech on the use of drones for crop insurance will further strengthen the integration of technology for smooth implementation of the scheme on the ground.

News Source: PIB