Pradhan Mantri Fasal Bima Yojana Completes Nine Years of Empowering Farmers and Securing Livelihoods.

National

The Pradhan Mantri Fasal Bima Yojana (PMFBY), launched in 2016 by Prime Minister (PM) Narendra Modi, celebrated its nine-year anniversary on February 18, 2025. PMFBY is India’s flagship crop insurance scheme aimed at safeguarding farmers from financial distress due to natural calamities.


      - This scheme has become a key pillar of India’s agricultural resilience, benefiting over 23.22 crore farmers by providing protection against crop losses and disbursing claims worth Rs.1.75 lakh crore over the past nine years.

      - With its recent extension until 2025-26 and a budget allocation of Rs.69,515.71 crore, PMFBY continues to reinforce farmer welfare and promote sustainable agriculture.

     

Main Point :-   (i) Farmers pay only 2% (Kharif crops), 1.5% (Rabi crops), or 5% (horticulture/commercial crops), with the remaining amount subsidized by the government.

      (ii) Includes yield losses, prevented sowing (up to 25% of the sum insured), post-harvest losses (14 days post-harvest), and localized calamities.


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