Eligibility Criteria under Fasal Bima Yojana
It cannot be denied that farmers of our country have faced a lot of issues in case of any draught or flood due to crop losses. And also sometimes the falling market prices cause immense loss for the farmers. Considering this situation in mind, the present government has devised a Fasal Bima Yojana in which quality rates that are taken from farmers have been reduced to a considerable extent so that farmers’ can get more coverage insurance against crop losses due to natural calamities. The fasal bima yojana shall be executed in a financial plan of Rs 17600 crore and this will not only aid the farmers in acquiring the injured harvests due to natural disasters but it will also offer a financial hold to them.
The enrollment of this scheme is solely subject to the possession of an insurable interest within the cultivation of notified crop at a certain area. And the following factors must be fulfilled:
- Cultivators need to possess a Crop Credit description account in which the credit boundary shall be authorized for the notified period of harvest and crop spell. Eligible farmers will be only those who will be selected by the administration and it will change from time to time.
- In case of the yearly profitable and horticulture crops farmers are going to disburse 5% payment. The government shall pay a stability premium for offering the insured amount to the farmers along with the crop loss due to natural calamities. The financial support shall not incorporate any higher limit even if the balanced premium is 90%.
- The scheme shall be solely recognized by a multi agency structure through chosen indemnity companies. The scheme shall be executed on “area approach basis”, It implies there are defined areas for each and every harvest that is notified within the bima yojana.