PM Fasal Bima Yojana Aim | Objective | Key Features
Before BJP’s rise to power, when elections were near and campaigning was being done, social security was a major trump card played by the party. Now when it has been given the power, it has to live up to those words for its better future. We’ve already seen the government rolling out a variety of pension, employment and insurance schemes for the needy in last 12 months. Now it has launched another scheme aimed at benefiting the farmers of this country. It’s called Pradhan Mantri Fasal Bima Yojna (PMFBY).
In this article we’ll take a look at what is the aim of this scheme and what are its benefits to farmers. Let’s begin:
Pradhan Mantri Fasal Bima Yojana Main Features
As its name suggests, it’s an insurance scheme for farmers. It made sense to provide social security to farmers for two reasons: first because agriculture industry employs half of country’s population and second because agriculture in India is still largely dependent on monsoon and other environmental factors that’re not in direct control of anyone.
Therefore, PM Modi launched his security plan for farmers in form of PMFBY on January 13, 2016. This scheme is more important than all other farmer insurance schemes launched till date because it aims to provide maximum coverage for minimal premium. While premiums of others schemes that previously existed had risen as much as 25% to 57% of insured sum, this scheme will require the farmers to pay only 1.5% – 5% of insured amount as premium. Therefore, the government has decided to replace all other previously launched farmer insurance schemes with this one.
The premium that farmers will have to pay will be as follows:
|Type of Crop||Premium|
|Kharif crops||1.5% of insured sum|
|Rabi crops||2% of insured sum|
|Horticultural crops||5% of insured sum|
Aside from these minimal premiums government has also decided to scrap the previous “premium capping” mechanisms that prevented the farmers from taking full advantage of their insurance schemes. So the aim of this scheme is clear: providing maximum benefits to farmers for minimum premium. It is called New Crop Insurance scheme for Indian farmers at low premium rates.
Other Aspects of PM Fasal Bima Yojana
Aside from the obvious benefit of adding security to the hard work of farmers, this scheme brings some other benefits too that were not available with previous schemes. For example:
- Quick assessment of losses: Government’s plan for assessment of agricultural losses is quite impressive. Our tech savvy PM has envisioned the usage of all kinds of technology for quick assessment of losses. From smartphones to remote sensing devices to drones, pretty much everything shall be used to assess the losses as quickly as possible.
- Protection against more calamities: The range of calamities against which your crops are protected has been increased in this scheme . Now your crops remain insured even after you cut them, and you also get protection against harm caused by incidents like water logging.
- Easy inclusion: PM Modi has put a lot of emphasis on easy inclusion in this scheme. He has ordered the government officials to link all land records with Aadhaar Card Numbers of their owners, which will make it easy to monitor the implementation of scheme and provide benefits to farmers in case of unfortunate incidents. As a result of this linking, becoming part of PMFBY is quite easier than it was to become part of any other farmer insurance scheme launched till now.You can read Benefits Of Pradhan Mantri Fasal Bima Yojana .
The guidelines for implementation of PMFBY were issued by PM Modi on February 18, 2016. He also said that scheme will come into effect from this year’s Kharif season. So if you’re a farmer, be prepared to take its advantage.You can read Drawbacks of Pradhan Mantri Fasal Bima Yojana.
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