PM Fasal Bima Yojana: ₹3,200 Crore Crop Insurance to 30 Lakh Farmers Big Changes Announced The Pradhan Mantri Fasal Bima Yojana (PMFBY) is a government scheme that helps farmers protect their crops from losses caused by natural disasters like floods, drought, hailstorms, and cyclones. On Tuesday, the government announced that ₹3,200 crore will be given to 30 lakh farmers under this scheme. Along with this, some important changes have also been made to improve the program for the future.
PM Fasal Bima Yojana Why This Scheme is Important
PM Fasal Bima Yojana Farmers in India depend heavily on the weather for their crops. If the weather is bad, it can destroy the harvest, leading to huge financial losses. Many small farmers are unable to recover from such losses and often fall into debt. The PM Fasal Bima Yojana was started in 2016 to give farmers financial protection and confidence to continue farming even during tough times.
With this scheme, farmers have to pay a very small premium amount, and the rest of the insurance cost is paid by the government. In return, if the crops get damaged, the farmer gets compensation quickly.
Key Highlights of the Latest Announcement
- ₹3,200 Crore Payout
- The government will distribute ₹3,200 crore to 30 lakh farmers across different states.
- This amount is being given for the losses faced during the last crop season due to heavy rains, floods, and pest attacks.
- The government will distribute ₹3,200 crore to 30 lakh farmers across different states.
- Big Changes in the Scheme
- Faster Claim Settlement: The claim process will now be more digital to reduce delays.
- Satellite and Drone Use: New technology will be used to assess crop damage more accurately.
- Simpler Application Process: Farmers can now register and check their claim status online with fewer documents.
- Increased Coverage: More crops and more areas will be added under the scheme.
- Faster Claim Settlement: The claim process will now be more digital to reduce delays.
- Focus on Small and Marginal Farmers
- The changes will especially benefit small farmers who own less than 2 hectares of land.
- The government aims to ensure that these farmers do not have to take loans from private moneylenders at high interest rates after crop damage.
- The changes will especially benefit small farmers who own less than 2 hectares of land.
How the PM Fasal Bima Yojana Works
- Premium Payment by Farmer:
- For Kharif crops, the farmer pays only 2% of the total sum insured.
- For Rabi crops, it is 1.5%.
- For commercial and horticulture crops, the farmer pays 5%.
- For Kharif crops, the farmer pays only 2% of the total sum insured.
- Government Contribution:
The remaining premium amount is paid by the central and state governments. - Claim Process:
If a farmer’s crops are damaged due to natural calamities, they can file a claim. After verification, the compensation is transferred directly to their bank account.
Benefits of the Scheme
- Financial Security: Farmers are protected from major losses and can continue farming the next season without big debts.
- Confidence to Grow Crops: Even during uncertain weather conditions, farmers can plant crops without fear.
- Encouragement for Modern Farming: With the new use of technology like drones, the process will be transparent and quicker.
Impact So Far
Since its launch in 2016, PMFBY has covered over 40 crore farmer applications and settled claims worth more than ₹1.5 lakh crore. This has helped farmers rebuild their lives after disasters.
The latest payout of ₹3,200 crore will bring relief to farmers in states like Maharashtra, Madhya Pradesh, Rajasthan, Uttar Pradesh, and Bihar. Many of these farmers lost their crops due to unseasonal rains and floods in the last season.
Challenges and Government Response
Some farmers have faced delays in receiving claim money in the past. To fix this, the government is now:
- Linking the scheme with Aadhaar for faster identification.
- Using satellite images for quick crop loss verification.
- Setting a 30-day time limit for claim settlement after verification.
What Farmers Should Do
- Enroll in the scheme before the last date for each crop season.
- Keep all land records and bank account details updated.
- Report any crop damage to local authorities immediately.
- Use the PMFBY mobile app or website to track claims.
Conclusion
The latest release of ₹3,200 crore under PM Fasal Bima Yojana shows that the government is committed to protecting farmers from crop losses. With the big changes announced, especially the use of technology for faster payouts, the scheme is expected to become more efficient and farmer-friendly.
This is not just financial help it is a safety net that gives farmers the courage to continue farming despite unpredictable weather. If implemented well, the PM Fasal Bima Yojana can be a game-changer for India’s agricultural sector.
