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PMFBY offers wheat farmers ₹82,200/hectare insurance by paying a nominal premium, ensuring quick compensation and financial security.
The Pradhan Mantri Fasal Bima Yojana (PMFBY) is set to bring a significant boost for wheat farmers in India, offering a compensation cover of up to ₹82,200 per hectare. This crop insurance scheme, initiated by the central government, aims to protect farmers from financial losses due to natural disasters. Here's everything you need to know about this beneficial scheme and how farmers can take advantage of it.
Also Read: PMFBY: Farmers Can Insure Rabi Crops by December 31 – All You Need to Know
Since its launch, PMFBY has become increasingly popular among farmers. Over 4 crore farmers have benefited, with ₹17,000 crore disbursed as claims to those who suffered crop losses. This Rabi season, many farmers insured their wheat crops under the scheme to safeguard against risks like floods, droughts, and hailstorms.
However, some farmers are still missing out on this opportunity. By paying a small premium, they can avoid massive financial setbacks caused by unpredictable weather.
Under PMFBY, farmers need to pay only a small fraction of the total insurance amount as a premium:
The remaining premium is equally shared by the central and state governments. For example:
Farmers can register for insurance through banks, post offices, Common Service Centers (CSCs), or agents of the notified insurance companies.
The government is planning to make PMFBY even more efficient. Crop loss assessment will now use satellite-based technology instead of manual surveys, ensuring quicker and more accurate compensation. Additionally:
The scheme provides coverage from sowing to post-harvest stages, ensuring complete protection for crops. Although the registration deadline for the Rabi season has passed, farmers can prepare to secure insurance for the upcoming season.
Farmers must submit the following documents for registration:
The scheme is voluntary, and farmers who are not automatically enrolled must submit a declaration form to their financial institution.
With the PMFBY extended until 2025-26 and a budget allocation of ₹69,515.71 crore, the government is committed to providing financial security to farmers. Farmers are encouraged to use the PMFBY portal or mobile app to calculate their premiums and insurance coverage.
By insuring their crops, farmers can protect their hard work and livelihoods from unpredictable natural disasters. The PMFBY not only ensures financial stability but also empowers farmers to continue contributing to India’s agricultural growth.
Also Read: Farmers Can Now Get Loans of Rs 2 Lakh Without Documents – Here's How
The PMFBY offers affordable crop insurance, protecting farmers from natural disasters with coverage of up to ₹82,200 per hectare for wheat. By paying a small premium, farmers can ensure financial security and stability, empowering them to focus on agriculture growth. Enroll today to safeguard your future.