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PMFBY: More and more farmers will get benefit of crop insurance

Under the Prime Minister Crop Insurance Scheme, insurance is available for pre-sowing and after harvesting of the crop.

Pradhan Mantri Fasal Bima Yojana:

To get maximum benefit of crop insurance to farmers, now the insurance regulator IRDAI has instructed all non-life insurance companies to increase crop insurance coverage. According to sources related to the insurance industry, IRDAI has told insurance companies that companies need more emphasis on crop insurance and companies should increase the scope of crop insurance in their portfolios.




The biggest reason for non-life insurance companies not taking much interest in crop insurance is that companies do not get reinsurance support at reasonable premiums and read the companies incur losses when claims are increased.

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According to the information, IRDAI has assured the insurance companies that the companies will fix the appropriate premium rates for reinsurance crop insurance and the regulator will also intervene if needed.

In the budget, the amount allocated for the Prime Minister’s crop scheme has been kept at Rs 16000 crore. The government has allocated Rs 305 crore more for PMFBY for 2021-22 than for 2020-21.

Crop Insurance Scheme Among the schemes launched for farmers, the most important scheme is to compensate the losses of farmers’ crops from natural calamities like storm, hail storm and strong rains through crop insurance scheme. The government claims that a claim of 90,000 crore has been paid through the Prime Minister Crop Insurance Scheme.




– IRDAI directs companies to increase crop insurance coverage.
– There is no interest in insurance companies if there is no profit in crop insurance.
– IRDAI will also give instructions for appropriate re-insurance support for companies.
To help farmers, the government also focuses more on crop insurance.

PM Crop Insurance Scheme (PM Fasal Bima Yojana)

Under the Prime Minister Crop Insurance Scheme, insurance is available for pre-sowing and after harvesting of the crop. Rabi, Kharif, business and horticulture crops are also included under the crop insurance scheme. Premium has to be paid on business and horticulture crops. The premium for these crops is 5 percent.

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There is a premium of only two percent under the insurance scheme for Kharif crops and 1.5 percent for Rabi crops.

You can get yourself passed (How to apply for PMFBY)

If you are a farmer yourself, then you can apply for PM crop insurance scheme. Online and offline applications can be made for the insurance scheme. For this, the state governments also issue advertisements for crop insurance during the Rabi and Kharif seasons.

For online application of PM crop insurance, you can apply on the website www.pmfby.gov.in. On the website you will be told in great detail and easy language how to get insurance.

Parvesh Maurya
Parvesh Maurya
Parvesh Maurya, has 5 years of experience in writing Finance Content, Entertainment news, Cricket and more. He has done BA in English. He loves to Play Sports and read books in free time. In case of any complain or feedback, please contact me @ informalnewz@gmail.com
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