Rashtriya Krishi Bima Yojana
In a country like India, we have more than 70% of the people who are living within the rural areas. And in such places, agriculture is not just a way of life, but it is the only means to sustain it cannot be denied that agriculture is one of the most important propellers of the economy of this nation. Agriculture contributes to more than one third of the gross domestic product of our country and it also sustains more than half of the workforce of our country. Now, we are already aware that a large number of schemes have been implemented for the farmers, but still there are lots of farmers left who could not avail the benefits of the schemes. The recent number suicides of farmers state that our country needs something bigger scheme to be implemented so that every farmer within each remote locations of India can avail the benefits of the schemes. With this motto, Rashtriya Bima Yojana has been implemented.
The features of Rashtriya Bima Yojana
- With the implementation of the new scheme, it will offer insurance to the farmers for the coverage of crops if the crops are damaged due to natural disasters like lightening, fire, flood, earthquake cyclone, draught, diseases and pests.
- It will be available for the farmers irrespective to the size of land and this scheme is compulsory for the loanee farmers and optional for load owned farmers. There is no restriction on the total value of the sum insured and it will come along with an option to cover 150% of the average yield for extra premium.
- Apart from covering all the crops, the cash crops shall also be covered like sugarcane, potato and cotton. The remaining crops like horticulture and commercial crops shall be placed under this scheme within the next three years.
- The transition for actuarial regime shall be achieved within five years for making it sustainable. For the small and marginal farmers, a subsidy of 50% on the premium shall be provided. The premium subsidy shall be phased through a period of five years.
The benefits of Rashtriya Bima Yojana
- The scheme is expected to be a really great instrument for the development of crop production. It will not only offer financial support for the failure of crop but this is also going to stimulate the farmers for adopting the progressive farming practices, higher technology farming and high value inputs. The scheme will help in stabilizing the farm incomes during the disasters.
- The scheme is going to inculcate the habit of saving within the farmers and it will also develop the sense of confidence that they shall get the support during any disaster or natural calamities. The scheme shall be the umbrella for the farmers to cover the risks that affects them in one form o the other.