Farmers can now change the crop name under Pradhan Mantri Fasal Bima Yojana
The Pradhan mantri Fasal Bima Yojana was formatted this year and this was a restructured scheme with a new name about the National Agricultural Insurance Scheme (NIAS). India is a land of farmers and to make the farmers life easier, this Fasal Bima Yojana was launched.
The farmers who has been covered under this scheme, is liable to buy crop insurance before the sowing season depending on the advance crop planning. But in case the farmer changes the crop planned earlier, then it is essential for the farmer to inform the insurance company at least 30 days before the mentioned cut-off date of buying or sowing.
The information must be sent through the financial institutions, channel partners, insurance intermediary or they can send the information directly according to their convenience. The premium payable needs to be sent before changing the name. The sowing certificate must be showed to the village/sub district level state officials. If the premium amount was higher, the insurance company will refund the additional amount. Also the loanee farmers have the option of changing the insured crop name from original crops, but the changes need to be submitted in writing to the bank branch that offers the insurance.
Few Details About Pradhanmantri Fasal Bima Yojana PMFBY :
The total budget of this scheme was Rs 17,600 crore. This will not only help the farmers in preventing their crops from getting damaged, but also offer them a financial support. This is one of the ways of the government for dealing with the innumerable suicides that took place throughout the country. The scheme shall be implemented throughout the country and it will start functioning from the Kharif season of the crop harvesting. We believe the Kharif season has already started from June and this scheme has also been implemented for the farmers. Now, there has been a little change in the scheme. The farmers now have the option of changing the name of the crops under the PM Fasal Bima Yojana. According to the details of the government reports, the rates of premium shall be very less and it will be applicable for the oilseeds, commercial crops like cotton and many other horticulture crops.
Quick View of PMFBY
|SL NO||Facts to know||Brief details|
|1.||Crops covered||Kharif, rabi, and also the annual commercial crops.|
|2.||Premium charged||For Kharif-2% of sum insured
For rabi- 1.5% of the sum assured
Annual commercial and horticulture crops- 5% of the sum insured
|3.||Insurance||A single insurance company for a whole state, AIC|
|4.||Loses covered||Yield loss
Post harvest loss
|5.||Technology used||Remote sensing
Smart phones and drones for quick estimation of loses