Premium Rate Under PM Fasal Bima Yojana
New Crop Insurance scheme for Indian farmers at low premium rates
The Pradhan Mantri Fasal Bima Yojana scheme offers the farmers the insurance coverage to their crop fields at substantially lower premium rates, compared to the previous insurance schemes provided by the government.
In past the insurance schemes offered by the government to the farmers are at a high premium rates, limited coverage, complex methods of assessing losses and compensation payment delays have built not much credibility in the farmers toward them and resulted in farmers not accepting them for protection against their crop losses. With higher risks of crop damages in India, it has become important for the government to take initiative against the flaws in the current insurance schemes.
According to this scheme, agriculturists need to pay the premium rate of 2% for all their khariff crops, 1.5% for all their Rabi crops and the rate of 5% for all their commercial and horticultural annual crops. Under this scheme, while the farmers are obligated with these rates, the government will undertake the remaining share of premium payment.
The following table depicts the premium rates charged by the government:
|S No||Type of Crops||Premium Rate|
|1||Khariff Crops||2 %|
|2||Rabi Crops||1.5 %|
|3||Commercial and Horticultural Crops||5 %|
In several states of country, farmers in some places farmers are burdened to pay a premium rate of as high as 15 per cent, which brought up several discussions in the country to address these issues of burdening higher premium rates. Now, with this scheme of government has made lowered premium rates and ease in other criteria has outreached to the farmers.
With just 23% of crops that are currently insured, the government has Rs. 3,100 crore value bill on its name for its share of premium amount. Once the insurance cover reaches 30%, it is estimated that liability of the bill amount would go up to Rs. 5,700 crore. It will go up to a whopping amount of Rs. 8,800 crore once the goal of 50 percent crop insurance is attained.
In this fasal bima yojana premium rate, there is no upper capping on the premium amount to be borne by the government, which is present in the previous crop insurance schemes. The Union Home Minister Rajnath Singh expressed his opinion by stating as launching fasal bima yojana is the historic decision that makes available crop insurance scheme at lower premium rates which never done before in the history of independent India also, it act as the great inspirations level to agriculturists for their temperament of work. Apart from that it act as a safety shield protecting farmers and this crops from absurdities of nature.
Fasal Bima Yojana Haryana
The Prime Minister had launched the Fasal Bima Yojana to help the farmers in their time of need. Right now the state government has started receiving applications for the same.
Things to know before applying
- The Haryana government has started accepting applications for the crops that grow during this season primarily. Wheat, oat, mustard and gram are the crops that fall under this category primarily.
- Under this scheme the farmers will have to pay 1.5 per cent of the insured amount as premiums. Since the premiums are being subsidized, the rest of the premiums will be paid by the state and central government on behalf of the farmer.
- The farmers who are interested to get the benefits of this scheme can head over to the PM Fasal Bima Yojana website and register themselves. They can also go to the Crop Insurance website of the Department of Agriculture.
How to apply for this scheme?
- To apply for this scheme first of all go to this website: http://www.agri-insurance.gov.in/Farmer_Details.aspx and then fill out all the details that will be asked.
- You will need to carry certain details with you apart from basics like your name, address, block, gram panchayat, district, etc. You will need to put your mobile phone number.
- Keep your bank account details such as account number and bank name with you. Also, you will need to provide the details of your land and crop to avail this facility.
- After the farmers have completed their forms and filled it, they will be provided with an application number through which they can keep track of their insurance scheme.
- They will also be receiving the amount directly into their bank accounts. The Fasal Bima Yojana policy amount can reach the farmers’ account directly via NEFT or IMPS.
Further more you can keep in track the status of your crop insurance through this android app called Fasal Bima App.
What benefit will the farmer get from this?
Through this insurance scheme, the farmer will be able to get the crop insurance against all kinds of odds. In our country farmers are mainly dependant on the weather conditions for growing crops. They do not have advanced technologies that can surpass all weather conditions and produce grains. This is why sometimes the weather is not in their favor and their crops get destroyed.
This incurs heavy losses for the farmer. To recover some or full amount of the loss, such insurance schemes have been panned out. This way the farmers will have peace of mind knowing that they can get their insurance cover in case of crop destruction.
Insured amount for each crop
|Serial No.||Crop type||Amount per acre (in Rs.)|
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