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Pradhan Mantri Fasal Bima Yojana

Pradhan Mantri Fasal Bima Yojana Guidelines

Popularly referred as PMFBY, the Pradhan Mantri Fasal Bima Yojana was launched by the Central Government of India with an intention to lessen the burden of paying the agricultural insurance premium. With the help of this scheme, the farmers will also get monetary assistance in order to recover from crop losses. Also, the scheme helps farmers settle their policy claims as quickly as possible without bureaucratic red-tapism.

PMFBY Eligibility Criteria:

Though the scheme was designed to help the farmers, it is not possible for everyone to get pleasure from the program. Here, you would get a quick glance at the eligibility criteria of this policy:

Doesn't depend on the land ownership – The policy caters to farmers who will be the real owners of the farming land. This scheme would also cater to the requirements of farmers who do farming on the rented land.

No classification or segregation – Generally, the rules are quite simple even though there are certain requirements which farmers have to fulfill. There are no segregations or classifications. The government would like to reach out as many recipients as possible.

Rules for Non-loanee farmers – As per the government of India, the farmers who haven't applied for agricultural credits are considered as non-loanee farmers. Under the part of this scheme, it is very important to produce legal land documents in addition to other papers by the non-loanee farmers.

Features of PMFBY:

If you want to get registered with the Pradhan Mantri Fasal Bima Yojana, it is significant to understand the features enclosed by this program:

Replace other agro schemes – The central government has merged all the existing schemes related to agriculture under this one. With the implementation of PMFBY, all other insurance schemes and agricultural loans will be ceased to operate.

Include farmers of all categories: With the implementation of this scheme, the Indian Government tries to bring almost all the kinds of agricultural employees under the protective umbrella. So, there is no segregation or categorization to become a part of this scheme.

Mode of payment– The farmers are directly provided with the insurance claim amount. The money would be transferred into the farmer's account. Therefore, it is important for the farmers to own an active bank account.

Low premium rate – The poor farmers are not likely to ensure the protection of their investment as they insist to pay high premiums of other agro-based insurance policies. With PMFBY, a farmer will now able to get the insurance policy with the premium of very low rate. The premium rate for Rabi Crop is 1.5% whereas, for the commercial crops, the premium rate will be 5%.

Insurance coverage: Farmers will not get partial coverage though they are required to pay just a part of the premium. If any natural calamity occurs, the farmers will be provided with complete financial assistance, which has been highlighted in the papers of insurance policy.

Tax Exemption – Just like other government schemes, the sum of money invested within the policy is declared tax free so that the farmers have no need to pay the tax for the amount, which they have insured.

Insurance premium calculator – To assist farmers, the app and web portal has some special features including an insurance premium calculator through which farmers will able to calculate the sum, which they are required to pay as the premium amount for protecting their agricultural investment.

Essential documents for Pradhan Mantri Fasal Bima Yojana:

In case you are interested to be a part of Pradhan Mantri Fasal Bima Yojana, you have to know regarding the documents, which are essential to be produced.

Details of farmland and previous loans: Documents associated with the farmland are important to submit by the farmers, though the onership of the land doesn't matter a lot. In addition, the farmers are also required to submit agricultural credit documents if any applied previously.

Aadhar Card – According to the official decree of the Indian Government, the Aadhar Card has now become compulsory for almost everything. Farmers, who are all interested to be a part of this project, need to submit the photocopy of their Aadhar Card.

Bank account details: The farmers need to submit the details related to their bank account together with the application form because the insurance money would be transferred directly to their bank account.

Coverage of crops and farmers in PMFBY:

As far as the coverage of farmers is concerned, the government needs to bring all types of farmers under one insurance scheme. For this time, the segment has two essential components namely compulsory and voluntary component. Besides these two components, the central government has also kept reservations for the farmers under OBC/SC/ST category.

When it comes to the compulsory component, it almost includes all agricultural workers who are previously applied for getting another loan, which has been employed for cultivating a seasonal crop. Hence, the seasonal crop cultivation loan will also be referred as SAO credit.

On the other hand, the voluntary component will include the agricultural workers who haven't applied for any type of agro loans particularly for raising the seasonal crops. They are also allowed to be a part of PMFBY.

The Indian government has generated lists of crops that could be insured under the scheme of PMFBY. The list consists of both food and commercial crops including rice, pulses, wheat, millets, groundnut, castor, cashew nut, linseed, mangoes, banana, and guava.

Possible risks covered under PMFBY:

You need to know about the possible risks that will be enclosed by this scheme. Given below are some key points, which you should take into consideration:

Prevented sowing risks – The farmers will obtain monitory assistance to cover the damage if they are not able to sow seeds on the patch of an insured land because of inadequate or delayed rainfall or even other natural conditions.

Standing harvest risks – The time, which starts just after sowing the seeds to the day of crop harvesting, is considered to be the standing period of any crop. The farmers would get reimbursed for any damage caused to the standing crop because of any natural conditions

Post-yield risks – Once the crops are found to be harvested, the farmers need enough amount of time so as to make the final product. If any possible damages occur to the harvest at the time of drying or else spreading period, the farmer is supposed to obtain the coverage amount. For this reason, the farmers should prove the damage was performed with a time period of 2 weeks from the crop harvesting to claim the insurance.

Localized mishaps – Keep in Mind that natural calamities are not always widespread. Only some areas will get affected whereas the others will remain safe and secure. If any situation occurs like this, the insured farmer will get money to compensate the losses.

Risks, which are not covered in PMFBY:

If the cause of any damage is said to be artificial, the insurance policy would not cover the crop damage. For instance, if the damage is being brought about because of any nuclear disaster or break out of wars, then it would not be compensated under the scheme. Further, the farmer would not get any compensation to fix the damages, if the crop is set on fire or even stolen by the people. The scheme wouldn't cover any damage prone to crops because of the action of domesticated or wild animals. In simple words, the PMFBY would simply offer monetary assistance and insurance coverage when the damage is caused by natural conditions.

Facility for Loan in PMFBY:

The Pradhan Mantri Fasal Bima Yojana or the PMFBY will happen to be an agro-based insurance policy. The facility of loan is designed for the purpose of betterment of agricultural employees by means of offering them insurance over any natural conditions being caused to the crops. Needless to say, the loan facility is designed in such a way to make the agricultural investment lucrative for farmers. In case the farmers have a loan previously under agricultural sector, they will get registered under this scheme automatically.

App, Toll-Free number, and Official Website for PMFBY:

Almost all the essential details related to PMFBY are given in the official site of this scheme. The concerned department of the Indian government will maintain the portal, which seems to be updated from every now and then. You just visit the link http://www.agri-insurance.gov.in/Login if you want to get registered yourself under the scheme or simply need to get any relevant information about it.

You can also obtain information directly with the help of the smartphone application. The only thing you need is just to download the app called "Crop Insurance" on your smartphone, which will run on Android OS. The Department of Agriculture Cooperation & Farmers Welfare has connected to the app on their official web page.

If you aren't familiar with the digital media, then you can move down the traditional path in order to get the information, which you want. All you want is just make a call to helpline number 1800 180 1551, which is entirely free, and have a conversation with the representatives.

Download application online for PMFBY:

In case you are interested to apply for this scheme, you need to fill in a simple registration form online. For this, you have to visit the official website of this scheme http://www.agri-insurance.gov.in/Login.aspx. After reaching the home page, you are required to click on the link, which offers you access to an online form, which needs to be downloaded. Both options for submitting the form offline and online are available. Therefore, download and take print of the form if you want offline submission or else just complete the process on the internet.

How to apply offline and online for PMFBY:

As compared to applying offline, applying online will be much easier. Both the modes are found to be available for the individuals. If anyone wants to make the application through the online process, then follow the given steps:

  • Visit the official webpage of the scheme
  • Click on the link, which directs you to an application form
  • You have to click on the option “Apply as Farmer” as soon as the application form gets generated
  • Enter the mandatory details
  • Be sure that you fill-up the details without any mistakes
  • You should submit the Aadhar code to complete the verification process in a successful manner
  • Then, you have to submit the details of bank account and farmland as it will help the government transfer the policy amount as directly as possible into your account.

For offline submission, you have to download the form from any authorized website and then, take print out. Now, you have to fill-in the application form with the essential detail followed by submitting it to the Department of Agriculture Cooperation & Farmers Welfare.

How To Claim For Insurance Policy Under PMFBY:

If you need to obtain the insurance claim amount, then you have to apply for it. Either the money would be transferred to the farmer's bank account or handed over to farmers by the insurance company. Though setting the claims via an authorized bank, the account of the farmers will be credited automatically with the coverage amount as soon as the government sends the money. The list would be made and being published by the concerned banks if the bank credited the money to all claimants. If the claim is settled by the intermediaries, the sum will be directly transferred to the account from the insurance company.

Government Budget for PMFBY 2017-18:

There is no extra point to guess the implementation of this scheme would need lots of money. Earlier, the government has taken essential steps to gather a large sum of money. The budget allotted for this scheme has increased over time. The sum of Rs.5500 crore for the year 2016-17 will get increased by 40% at the time of 2017-18. Moreover, the government is trying to bring nearly 50% of the farming land under this scheme. While announcing the Annual Union Budget this year, the central government declared that it will allow nearly Rs.9000 crores for successfully implementing this scheme.

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