PM Fasal Bima Yojana completes 5 years
The PM Fasal Bima Yojana that was launched in 2016 by Prime Minister Narendra Modi has completed 5 years today. The scheme has benefitted many farmers, decreased risk, and increased coverage.
Agriculture Minister Narendra Singh Tomar said that 29 crore farmers have insured their crops under the government`s Pradhan Mantri Fasal Bima Yojana.
“An important initiative to secure hardworking farmers from the vagaries of nature, PM Fasal Bima Yojana completes 5 years today. The Yojana has increased coverage, mitigated risk, and benefitted crores of farmers. I congratulate all beneficiaries of the scheme,” PM tweeted.
The Union Agriculture Ministry asked the farmers to take advantage of the scheme.
“The Government of India urges farmers to take advantage of the scheme by associating themselves to become self-sufficient in times of crisis and support the creation of an Aatmanirbhar Kisan,” Union Agriculture Ministry said in a statement, adding that claims worth Rs 90,000 crore have so far been disbursed to farmers since the launch of the scheme on January 13, 2016.
The scheme covers over 5.5 crore farmer applications year-on-year and the linking Aadhaar cards to farmers’ bank accounts has helped in speedy claim settlement, it said. “The PMFBY was conceived as a milestone initiative to provide a comprehensive risk solution at the lowest uniform premium across the country for farmers,” the statement added.
The coverage done by the scheme is before sowing and after the harvest. It also covers losses that come after prevented sowing.
Under PMFBY, the sum has increased from Rs 15,100 to Rs 40,700.
“PMFBY raised the bar. Average sum insured per hectare. Before PMFBY- Rs15,100 , after PMFBY – Rs40,700. Celebrating five years of the new-age crop insurance scheme. One that is truly made for the farmers,” the official account of PMFBY tweeted on the occasion.