Pradhan Mantri Fasal Bima Yojana 2023 @Pmfby.gov.in Benefit, Eligibility,Apply

Deepam

The Pradhan Mantri Fasal Bima Yojana (PMFBY) is a crop insurance scheme launched by the Government of India in 2016. The objective of this scheme is to provide insurance coverage and financial support to farmers in case of crop damage due to natural calamities or other unforeseen events.

Pradhan Mantri Fasal Bima Yojana

When are farmers able to apply for the Pradhan Mantri Fasal Bima Yojana?

Farmers can apply for the Pradhan Mantri Fasal Bima Yojana for Rabi crops until December 31st, as per the latest guideline issued by the government. The scheme provides crop insurance to farmers, and the Agriculture Insurance Company has been selected by the government to manage the scheme for the Pradhan Mantri Fasal Bima Yojana Rabi 2022-23.

To avail the benefits of the scheme, farmers are advised to update their information related to patwari light and crop sowing certificate at the bank from where their credit card has been issued. The last date for getting crop insurance under the scheme is December 31st.

Loanee and defaulter farmers are requested to submit the form at the nearest bank branch without waiting for the last date to insure their crops as soon as possible. The Agriculture Department officials suggest that getting crop insurance for their crops is crucial for farmers to avoid any problems in case of crop loss and to receive compensation.

What is the new option available for farmers to apply for the Pradhan Mantri Fasal Bima Yojana 2023?

The Pradhan Mantri Fasal Bima Yojana has been updated to allow farmers to obtain the scheme through post offices. 

The campaign was launched on July 23rd in every district of Uttar Pradesh. The Post Office Department will initiate a campaign in the C District of Varanasi to ensure that farmers benefit from the scheme. So far, 1699 post office departments in Varanasi and other districts have been included in the campaign, and 800 farmers have already applied for the scheme through the post office.

To apply for the Pradhan Mantri Fasal Bima Yojana via post office in Uttar Pradesh, farmers need to submit a photocopy of either their Aadhaar card, PAN card, voter ID, or bank passbook. For Kharif and Rabi crops, farmers will have to pay a premium of 2% and 1.5%, respectively. Registration for Kharif crops under the scheme will be open until July 31st.

Pradhanmantri Fasal Bima Yojana 2023 Highlights

Scheme NamePradhan Mantri Fasal Bima Yojana
DepartmentMinistry of Agriculture and Farmers Welfare
Beneficiaryfarmers of the country
Online Application Start Dateis beginning
Last Date of Online Application31 July 2023
ObjectiveEmpowering the farmers of the country
Relief fundInsurance up to ₹200000
Scheme Typecentral government scheme
official websitehttps://pmfby.gov.in

How does the Pradhan Mantri Fasal Bima Yojana work?

Under this scheme, farmers have to pay a nominal premium, which is decided based on the type of crop and the level of coverage they require. The government pays the remaining premium amount. In case of crop damage, farmers can claim compensation for their losses. The compensation amount is calculated based on the extent of crop damage and the level of coverage opted for by the farmer.

Benefits of the Pradhan Mantri Fasal Bima Yojana

The PMFBY provides several benefits to farmers, including:

  • Financial security: The scheme provides financial security to farmers in case of crop damage due to natural calamities, pests, or other unforeseen events.
  • Timely compensation: The compensation amount is paid to the farmers within a few weeks of the claim being made, ensuring that they can quickly recover from their losses.
  • Low premiums: The premiums under this scheme are very low, making it accessible to all farmers, regardless of their financial status.
  • Increased agricultural production: The scheme encourages farmers to take up agricultural activities with more confidence and invest in modern agricultural practices that can improve their crop yields.

Implementation of the Pradhan Mantri Fasal Bima Yojana

The PMFBY is implemented by the Agriculture Insurance Company of India (AIC) and other designated insurance companies. The government has also set up a PMFBY portal where farmers can register and avail the benefits of the scheme.

UP Crop Insurance Scheme Update

The government has introduced new rules in the Pradhanmantri Fasal Bima Yojana to make it more accessible to farmers. Under the new rules, if farmers face any crop loss due to natural calamities, they will receive more benefits from the insurance company than before. Previously, the benefits were distributed collectively, which sometimes resulted in farmers who did not suffer any loss receiving the benefits while those who suffered losses did not receive the full benefit.

Now, individual farmers who suffer crop loss will receive the full benefit. To avail this benefit, farmers need to approach a bank with their documents and deposit one and a half to two percent premium of the fixed amount of paddy and wheat per hectare. Once the premium is paid, farmers will receive the benefits of this scheme.

Pradhanmantri Fasal Bima Yojana: Premium amount

CropPremium Amount
RiceRs 713.99 per acre
MaizeRs 356.99 per acre
MilletRs 335.99 per acre
CottonRs 1732.50 per acre
WheatRs 409.50 per acre
barleyRs 267.75 per acre
GramRs 204.75 per acre
MustardRs 275.63 per acre
SunflowerRs 267.75 per acre

What Amount to be provided under Pradhanmantri Fasal Bima Yojana?

CropInsured Amount
RiceRs.35699.78 per acre
MaizeRs 17849.89 per acre
MilletRs 16799.33 per acre
CottonRs.34650.02 per acre
WheatRs 27300.12 per acre
barleyRs 17849.89 per acre
GramRs 13650.06 per acre
MustardRs 18375.17 per acre
SunflowerRs 17849.89 per acre

What is the budget of Pradhanmantri Fasal Bima Yojana?

The government introduced the Pradhan Mantri Fasal Bima Yojana to provide crop security from pre-sowing to post-harvest, including losses due to prevented sowing and mid-season natural calamities. Financial assistance is provided in case of crop loss. The scheme was launched on January 13, 2016, and has a budget of Rs 16,000 crore for the financial year 2022, which is Rs 305 crore more than the previous year. The agricultural sector will benefit from this scheme.

In terms of participation, Fasal Bima Yojana is the world’s largest crop insurance scheme and the third largest in terms of premium. Each year, approximately 5.5 crore farmers apply for this scheme. The government has decided to relaunch the Pradhan Mantri Fasal Bima Yojana after reviewing its implementation over the last five years, and several amendments have been made to it.

Reporting crop loss is simple under this scheme, and it can be done via the app, the Common Service Center, or the nearest Agriculture Officer within 72 hours of crop loss. The claim amount will be transferred to the farmer’s account via Direct Benefit Transfer. Of the total farmers enrolled in this scheme, 84% are small and marginal farmers.

Here are the main points about the Pradhan Mantri Fasal Bima Yojana:

  • The scheme provides insurance cover to farmers against crop loss due to natural calamities.
  • Lakhs of farmers have benefited from this scheme so far, with a claim ratio of 88.3%.
  • In the first 3 years, farmers deposited Rs. 13,000 crore in premiums and received up to Rs. 60,000 crore in insurance claims.
  • The scheme is operated in 27 states and union territories.
  • The government is making efforts to extend the benefits of this scheme to all eligible farmers through propaganda.
  • The scheme is reviewed regularly and amendments have been made to provide better facilities to farmers.
  • Under the revised scheme, states that delay payment of state subsidy cannot participate.
  • 0.5% of the premium is used for information, education, and communication activities.
  • A Central Advisory Committee has been formed for successful implementation.
  • Aadhaar number is mandatory to benefit from this scheme.
  • The main objective is to encourage farmers to do farming without worrying about any disaster.

Eligibility of Pradhanmantri Fasal Bima Yojana

  • The Pradhanmantri Fasal Bima Yojana is available for all farmers in the country.
  • The scheme provides insurance coverage for farming activities carried out on the farmer’s own land as well as on leased land.
  • To be eligible for the scheme, farmers must not have availed benefits from any other insurance scheme in the past.

Documents required for PMFBY

The following documents are required for PMFBY:

  • Farmer ID card
  • Aadhar card
  • Ration card
  • Bank account details
  • Address proof of the farmer (such as driving license, passport, voter ID card)
  • Copy of the agreement with the owner of the farm, if farming has been done by taking the land on rent
  • Farm Account Number / Khasra Number papers
  • Applicant’s photo
  • Date of the day when the farmer started sowing the crop.

Pradhan Mantri Fasal Bima Yojana Insurance Company Directory

Name of Insurance CompanyInsurance Company CodeToll Free NumberHead Quarter Imagehead quarter address
AGRICULTURE INSURANCE COMPANY10011800116515[email protected]Office Block-1, 5th Floor, Plate-B & C, East Kidwai Nagar, Ring Road, New Delhi-110023
BAJAJ ALLIANZ GENERAL INSURANCE CO. LTD100418002095959[email protected]Bajaj Allianz House, Airport Road, Yerawada, Pune 411 006
BHARTI AXA GENERAL INSURANCE COMPANY LTD.101918001037712[email protected]7th floor, Merchantile House, K.G.Marg, New Delhi – 110 001
CHOLAMANDALAM MS GENERAL INSURANCE COMPANY LIMITED100218002005544[email protected]2nd Floor, “Dare House”, No.2, NSC Bose Road,Chennai – 600001, India. Phone: 044-3044 5400
FUTURE GENERALI INDIA INSURANCE CO. LTD.100518002664141[email protected]Indiabulls Finance Centre, 6th Floor, Tower 3, Senapati Bapat Marg, Elphinstone West, Mumbai, Maharashtra 400013
HDFC ERGO GENERAL INSURANCE CO. LTD.100618002660700[email protected]D-301, 3rd Floor, Eastern Business District (Magnet Mall), LBS Marg, Bhandup (West). MUMBAI – 400078 State : Maharastra , City : MUMBAI, Pin Code : 400078
ICICI LOMBARD GENERAL INSURANCE CO. LTD100918002669725[email protected]ICICI Lombard House414, P.Balu Marg,Off Veer Savarkar Marg,near Siddhivinayak Temple, Prabhadevi,Mumbai-400025
IFFCO TOKIO GENERAL INSURANCE CO. LTD100718001035490[email protected]IFFCO Tower ,Plot No. 3 , Sector 29 , Gurgaon -122001,Haryana(India)
NATIONAL INSURANCE COMPANY LIMITED101618003450330[email protected]National Insurance Co. Ltd.3 , Middleton Street , Kolkata -700071,West Bengal
NEW INDIA ASSURANCE COMPANY101418002091415[email protected]87, MG Road, Fort, Mumbai – 400001
ORIENTAL INSURANCE10151800118485[email protected]The Oriental Insurance Company Ltd.Crop Cell, Head Office, New Delhi
RELIANCE GENERAL INSURANCE CO. LTD10031800 102 4088[email protected]Reliance General Insurance Company Limited, 6th Floor, Oberoi Commerz, International Business Park, Oberoi Garden City, Off. Western Express Highway, Goregaon (E), Mumbai- 400063.
ROYAL SUNDARAM GENERAL INSURANCE CO. LIMITED101818005689999[email protected]Vishranthi Melaram Towers, No. 2/319, Rajiv Gandhi Salai (OMR), Karapakkam, Chennai – 600097
SBI GENERAL INSURANCE10121800 22 1111 1800 102 1111[email protected]9th Floor, A&B wing, Fulcrum Building, Sahar Road, Andheri East, Mumbai -400099
SHRIRAM GENERAL INSURANCE CO. LTD1017180030030000/18001033009[email protected]E-8, Epip, Riico Industrial area, sitapura Jaipur (Rajasthan) 302022
TATA AIG GENERAL INSURANCE CO. LTD101018002093536[email protected]Peninsula Business Park, Tower-A, 15th Floor, Ganpat Rao Kadam Marg, Lower Parel, Mumbai, Maharashtra-400013,India.
UNITED INDIA INSURANCE CO1013180042533333[email protected]Customer care department, no.24, whites road, Chennai-600014
UNIVERSAL SOMPO GENERAL INSURANCE COMPANY100818002005142[email protected]103, First Floor, Ackruti Star, MIDC Central Road, Andheri (East) , Mumbai-400093

Toll free numbers of insurance companies covered under Pradhanmantri Fasal Bima Yojana

Insurance Company NameToll Free Number
Agriculture Insurance Company1800 116 515
Bajaj Allianz Insurance Company1800 209 5959
Bharti AXA General Insurance Company1800 103 7712
Cholamandalam MS General Insurance Company Limited1800 200 5544
Future Generali India Insurance Company Limited1800 266 4141
HDFC ERGO General Insurance Company Limited1800 266 0700
ICICI Lombard General Insurance Company Limited1800 266 9725
IFFCO Tokio General Insurance Company Limited1800 103 5490
National Insurance Company Limited1800 200 7710
New India Assurance Company1800 209 1415
Oriental Insurance1800 118 485
Reliance General Insurance Company Limited1800 102 4088 / 1800 300 24088
Royal Sundaram General Insurance Company Limited1800 568 9999
SBI General Insurance1800 123 2310
Shriram General Insurance Company Limited1800 3000 0000 / 1800 103 3009
Tata AIG General Insurance Company Limited1800 209 3536
United India Insurance Company1800 4253 3333
Universal General Insurance Company1800 200 5142  

Pradhan Mantri Fasal Bima Yojana: Helpline number

The Pradhanmantri Fasal Bima Yojana has a dedicated helpline number for farmers in the country. If any farmer faces any issue related to the scheme, they can contact the helpline number to seek a solution or obtain more information about the scheme. The phone number for obtaining more information about the scheme is 01123382012 and the helpline number is 01123381092.

Conclusion

In conclusion, the Pradhan Mantri Fasal Bima Yojana is a crucial scheme that provides financial security to farmers in India. The scheme has several benefits, including low premiums, timely compensation, and increased agricultural production. We hope that our article has provided you with all the necessary information about the scheme and will help you make an informed decision.

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