Pradhan Mantri Fasal Bima Yojana (PMFBY) in Andhra Pradesh
Pradhan Mantri Fasal Bima Yojana (PMFBY) is a scheme which is launched solely for the purpose of helping the farmers. This scheme was launched by the Prime Minister of India on January 13, 2016. This scheme is currently set to be launched.
The Prime Minister of India launched this scheme with a view to helping the farmers by providing them crop insurance plan at low premium. The farmers were promised to be provided with financial help under this scheme. The farmers will be eligible for the scheme only if their crops get damaged due to natural calamities.
Process of implementing the PMFBY Scheme
- The Agriculture Minister of India instructed the officials that the low premium rate of this scheme should be known to the farmersso that PMFBY can be implemented thoroughly in the Andhra Pradesh state.
- Although this scheme was launched in January, the motive and the procedures of this scheme has not been spread throughout. The Agriculture Minister has urged that the motive and procedures should be spread throughout the Andhra Pradesh state so that this scheme can be utilized.
- The farmers are also unaware of the scheme. So, the agriculture minister has urged that consciousness and awareness should be created among farmers about this scheme so that this scheme would be successfully implemented.
- The famers would be encouraged by the officials as per the decision of the Agriculture Minister. The farmers would be advised to increase the cultivation are which generates more revenue. If the farmers can be encouraged properly, the implementation of PMFBY would be successful.
Premium percentage for Crops
The Indian Government had launched the PMFBY scheme with a view to help the famers by providing them financial assistance. The major feature of the PMFBY scheme is that it is a crop insurance scheme with a low premium. The farmers will be provided with crop insurance plan which will help them when their crop gets damaged.
The farmers will be provided with a discounted rate of premium for all types of crop under the PMFBY scheme. The premium will vary from one type of crop to another. Below is a table to show the name of the crops and the premium amount for the crops.
|Name of Crop||Premium Amount|
|Kharif||2% of the total sum insured.|
|Rabi||1.5% of the total sum insured.|
|Commercial or Horticulture||5% of the total sum for one year.|
|Cotton||5% of the total sum for one year.|
The premium rate is discounted so the farmers won’t have to bear the burden of a higher premium rate.