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.
