Benefits / Advantages of PM Fasal Bima Yojana
PM Fasal Bima Yojana is one-of-a-kind insurance policy that no doubt brings about a big smile on each farmer’s face. According to the guidelines of the yojana all the farmers will be highly benefited whereas Government’s share of liability will increase nearly 500 percent. However the union home minister stated that now onwards farmers do not need to worry about the losses of their crops due to natural calamities or such. This crop insurance scheme will make them secured from pre-seeding to post-harvesting process. As per the government officials this yojana brings forth maximum advantage to the farmers by spending minimum premium.
Lowest Premium of all time
Unlike other crop insurance policies, the premium rate in this scheme is 1.5% whereas in early times this rate was nearly minimum 25%. The division of the premium rates is
- For kharif crops the premium will be minimum i.e. 1.5%
- For Rabi crops the premium will be little more i.e. 2%
- For commercial crops the premium will be more than the rest two i.e. only 5%.
In the previous era, there were other agricultural schemes, according to which the premium was minimum 25% and could be increased up to 57%.
Not only the lowest premium but these Yojana promises to provide quickest action for the losses. Unlike earlier times now government will use latest gadgets like smart phones, drones, rural sensing and such to measure the amount of loss so that they can take a quick action. Using so many latest technology no doubt gives a big relief to the farmers but it definitely makes the government go outdone in bearing costs.
No upper limit
The yojana does not set any upper limit for the government while paying the insurance coverage amount. If the situation demands 80% or even above anytime, government is bound to pay that to the farmer. Looking at this scenario it can be said that though government will not get any chance to smile, but farmers will definitely will.
Higher coverage lowest payment
As mentioned that the previous insurance policies had quite a high premium on the contrary the coverage amount was comparatively much lower. Unlike all those policies this scheme has opposite rules. Here farmers will pay the lowest and will get the higher than expected.
Along with natural calamities, a farmer faces post harvesting crops losses as well. After harvesting each farmer faces a loss of some portion of their crops due to technical faults, Government of India gladly announced that this scheme is well capable of bearing the burden of such losses as well. From the coming Kharif season farmers will be secured before facing any sort of crop loss.
Considering the calculations, this drastic fall in agricultural insurance premium accelerates the burden on the government of India by nearly 500 percent. As the PM of the nation depicted this scheme will be cheaper and quicker, the officials need to take action as soon as they complete all the surveys of the losses.
PM Fasal Bima Yojana is better than Previous Scheme
|Issues||Old bima yojana||Fasal bima Yojana|
|Premium||22% to 57%||1.5% to 5%|
|Coverage||Lowest||Maximum (No upper limit)|
|Time span||Longer||Quick action by using latest technology like Drone|
|Loss cover||Crops only||Crops, vegetables and fruits|
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