Pradhan Mantri Fasal Bima Yojana: Key Facts for Exams
The **Pradhan Mantri Fasal Bima Yojana** is a crop insurance scheme providing financial security to farmers. It helps them recover from crop damage and stabilise their income.
The Pradhan Mantri Fasal Bima Yojana is a welfare initiative launched by the Government of India to provide financial security through a crop insurance scheme.
This scheme will help farmers recover from crop damage and stabilise their income.
Introduction & Concept Overview
The Pradhan Mantri Fasal Bima Yojana was launched by the Government of India under the Ministry of Agriculture and Farmers Welfare on 18 February 2016.
The scheme is launched to provide financial assistance to farmers when their crops suffer damage due to natural calamities, adverse weather conditions, pest attacks, or diseases.
Complete List of Benefits
The benefits of the Pradhan Mantri Fasal Bima Yojana are:
| Benefit | Description |
|---|---|
| Premium Rates | 2% for Kharif, 1.5% for Rabi, and 5% for commercial/horticultural crops |
| Crop Protection | Covers yield loss, prevented sowing, post-harvest damage, and local calamities |
| Government Support | Uncapped government support, with the government paying the remaining balance even if the premium subsidy crosses 90% |
| Approvals | Rapid, tech-driven approvals using advanced drone and satellite mapping for fast, transparent damage assessment |
| Payment Guarantee | No-delay payment guarantee, with a 12% penalty automatically applied if claim clearance is delayed |
| Payouts | Direct-to-account payouts, with claim money sent straight to the farmer's Aadhaar-linked bank account via DBT |
Key Facts & Figures to Memorize
The key facts to memorize about the Pradhan Mantri Fasal Bima Yojana are:
- 18 February 2016: The date the scheme was launched
- 2%, 1.5%, and 5%: The premium rates for Kharif, Rabi, and commercial/horticultural crops respectively
- 90%: The premium subsidy threshold beyond which the government pays the remaining balance
- 12%: The penalty applied if claim clearance is delayed
Memory Tricks & Mnemonics
To remember the key facts about the Pradhan Mantri Fasal Bima Yojana, use the mnemonic PMFBY:
P
- Premium rates of 2%, 1.5%, and 5%
M
- Ministry of Agriculture and Farmers Welfare
F
- Financial assistance to farmers
B
- Benefits including crop protection and government support
Y
- Yield loss, prevented sowing, post-harvest damage, and local calamities covered
Frequently Asked Questions
Q: What is the Pradhan Mantri Fasal Bima Yojana?
A: The Pradhan Mantri Fasal Bima Yojana is a crop insurance scheme providing financial security to farmers.
It helps them recover from crop damage and stabilise their income.
Q: What are the benefits of the Pradhan Mantri Fasal Bima Yojana?
A: The benefits of the Pradhan Mantri Fasal Bima Yojana include super affordable premium rates, all-inclusive crop protection, uncapped government support, rapid tech-driven approvals, no-delay payment guarantee, and direct-to-account payouts.
Q: How to apply for the Pradhan Mantri Fasal Bima Yojana?
A: To apply for the Pradhan Mantri Fasal Bima Yojana, applicants must visit the official portal, register using their mobile number and Aadhaar details, fill in the required details in the application form, pay the applicable crop insurance premium online, and submit the application form.
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