Pradhan Mantri Fasal Bima Yojana: Sharecroppers Now Eligible for Insurance Benefits

Key Highlights

• Sharecroppers are now eligible for benefits under PMFBY.
• Farmers receive timely insurance claims with a 12% additional amount for delays.
• Comprehensive coverage for food, oilseed, commercial, and horticultural crops.
• Increased participation with 8.69 crore applications and 3.97 crore beneficiaries.

Farmers in India will now receive insurance claims on time under the Pradhan Mantri Fasal Bima Yojana (PMFBY). In the event of a delay, insurance companies will be required to pay the farmers an additional 12% of the claim amount. Union Agriculture Minister Shivraj Singh Chauhan announced this during the Question Hour in the Lok Sabha. The minister emphasized that the scheme is designed to support farmers by compensating them for crop losses, especially those caused by natural disasters. To date, about 4 crore farmers have benefited from the PMFBY.

Sharecroppers to Benefit from the Scheme

In a significant development, sharecroppers are now included in the PMFBY. This means that not only land-owning farmers but also those who cultivate land on a sharecropping basis can now avail for the benefits of the crop insurance scheme. This inclusion is expected to provide financial security to a large number of sharecroppers across the country.

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Increase in Applications for PMFBY

The PMFBY has seen a substantial increase in applications over the years. Initially, there were 3.51 crore applications, but this number has now doubled to 8.69 crore. As a result, 3.97 crore farmers have already benefited from the scheme. The increase in participation highlights the growing awareness and trust among farmers regarding the benefits of the scheme.

Crops Covered Under PMFBY

The PMFBY provides insurance coverage for a wide range of crops:

• Food Crops: This includes cereals, millets, and pulses.
• Oilseed Crops: Crops such as mustard, soybean, and groundnut are covered.
• Annual Commercial Crops: Crops like sugarcane and cotton are insured under the scheme.
• Horticultural Crops: Fruits and vegetables are also covered.

Premium Rates for PMFBY

The premium rates under the PMFBY vary based on the type of crop and the season:

• Rabi Season Crops: Farmers pay a premium of 1.5% for food crops, including cereals, pulses, and oilseeds.
• Kharif Season Crops: The premium rate is 2% for these crops.
• Horticultural and Commercial Crops: A higher premium of 5% is charged for these crops.

Farmers have the flexibility to opt for insurance coverage voluntarily, ensuring their crops are protected against various risks.

Risks Covered Under PMFBY

The PMFBY offers comprehensive coverage for crop losses due to various risks, including:

• Yield Loss: Coverage for standing crops based on the notified area, protecting against non-preventable risks like natural fire, lightning, storms, hailstorms, cyclones, and more.
• Floods and Landslides: Insurance benefits are provided in case of crop damage due to floods or landslides.
• Drought: Coverage is available during periods of drought.
• Pests and Diseases: Farmers are protected against crop damage caused by pests or diseases.
• Prevented Sowing: If farmers in a notified area are unable to sow their crops due to adverse weather conditions, they are covered under the scheme.
• Post-Harvest Losses: Coverage is provided for up to 14 days after harvest for crops kept in the field for drying.
• Localized Disasters: Individual farms affected by localized disasters like hailstorms, landslides, and inundation are covered.

Exclusions from PMFBY

However, the PMFBY does not cover certain losses, including:

• War-Related Losses: Damage due to war or related activities is not covered.
• Nuclear Peril and Riots: Losses due to nuclear risks, riots, or malicious damage are excluded.
• Animal Grazing: Damage caused by grazing or destruction by domestic or wild animals is not covered under the scheme.

The PMFBY continues to evolve, offering more inclusive and timely support to farmers across India, ensuring that they have the financial backing to cope with crop losses and sustain their livelihoods.

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CMV360 Says

The Pradhan Mantri Fasal Bima Yojana is a crucial initiative providing timely financial protection to farmers, including sharecroppers, against crop losses due to various risks. With increased participation and comprehensive coverage, the scheme ensures that farmers receive their claims promptly, with an added incentive for delayed payments. By covering a wide range of crops and risks, the PMFBY plays a vital role in securing the livelihoods of millions of farmers across India.