During the year 2023-24, there in an increase of 27% in terms of farmers enrolled under the Pradhan Mantri Fasal Bima Yojana (PMFBY) so far.

National

In past 8 Years of implementation of Pradhan Mantri Fasal Bima Yojana (PMFBY) – 56.80 crore farmer applications have been enrolled and over 23.22 crore farmer applicants received claims. During this period, nearly Rs31,139 crore were paid by farmers as their share of premium against which claims of over Rs1,55,977 crore have been paid to them. Thus, for every 100 rupees of premium paid by farmers, they have received about Rs500 as claims. The number of farmer applications has grown 33.4% and 41% year-on-year during 2021-22 and 2022-23, respectively. Further, during the year 2023-24, there in an increase of 27% in terms of farmers enrolled under the scheme so far. Also 42% of total farmers insured under the scheme in FY 2023-24 are non-loanee farmers. The major improvements made include making the scheme voluntary for all farmers, compulsory use of at least 0.5% of the gross premium collected by insurance companies for Information, Education and Communication (IEC) activities.


      Pradhan Mantri Fasal Bima Yojana (PMFBY) is a demand driven scheme and is voluntary for the States as well as farmers.

      The third largest insurance scheme globally in terms of premium, the PM Fasal Bima Yojana launched in 2016, shields farmers from crop loss or damage arising out of unforeseen events.

      PMBFY is a Central Sector Scheme, therefore, no State/UT-wise allocation and release is made under the scheme.

 

     


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