Sakshi Education
- Over the past 8 years, since the implementation of the Pradhan Mantri Fasal Bima Yojana (PMFBY), 56.80 crore farmer applications have been enrolled, with over 23.22 crore farmer applicants receiving claims. Throughout this duration, farmers have contributed nearly Rs. 31,139 crore as their share of premium. Against this, claims totaling over Rs. 1,55,977 crore have been disbursed to them. This translates to farmers receiving about Rs. 500 as claims for every Rs. 100 of premium paid.
Key Points:
- PMFBY: Pradhan Mantri Fasal Bima Yojana, a government scheme providing crop insurance to farmers.
- Enrollment Increase: A 27% increase in farmer enrollment observed in the current year (2023-24) compared to the previous year.
- Claim Ratio: Farmers receive around Rs. 500 as claims for every Rs. 100 of premium paid.
- Total Beneficiaries: Over 56.8 crore farmer applications enrolled and 23.22 crore received claims in the past 8 years.
Scheme Highlights:
- Voluntary for both states and farmers.
- Launched in 2016, it's the 3rd largest insurance scheme globally (by premium).
- Aims to financially support farmers during crop loss due to unforeseen events.
- Recent Improvements:
- Voluntary participation for all farmers.
- Increased technology usage.
- Long-term contracts for insurance companies.
- State flexibility in choosing risk cover.
- The government actively monitors the scheme's implementation and claim settlements. Various initiatives have been taken to increase coverage, including:
- Increased tenure for selecting insurance companies.
- Introducing alternative risk models.
- Implementing technology advancements (NCIP, YES-TECH, WINDS, CROPIC, etc.).
- Enhanced IEC activities.
- The scheme's guidelines are periodically revised to ensure transparency, accountability, and timely payments to farmers.
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Published date : 07 Mar 2024 04:27PM
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