Uncertain droughts, floods, unseasonal rains, and storms all have come to face an Indian farmer in reality to wash away deep-rooted defiance against nature in a second. The PM Fasal Bima Yojana is meant to work as a financial safety net for farmers against any such natural disaster in a time-bound context when they can avail affordable crop insurance.
How PM Fasal Bima Yojana Works
Farmers typically contribute a minor premium under the scheme and then the remaining amount gets subsidized West Bengal government and central government. This way, they achieve a good benefit which is as follows:
- Kharif crops insured at a meager 2% premium
- Rabi crops at 1.5% premium
- Commercial & horticultural crops at a maximum of 5% premium
- The rest is borne by the government, so that farmers do not shoulder the entire burden.
A Real-Life Success Story: From Rs. 1 to Rs. 60,000
Now take the case of a low-cost onion farmer, Shreyas Tukaram, from Maharashtra. He insured his five acres of onions under PMFBY by paying a paltry 1 Re premium. He later received an indemnity of Rs. 60,000 because of crop damage due to unseasonal rains in April.
While lost much in the amount, it does make up for the sowing cost and keeps off the jaws of financial crisis. According to Shreyas, the scheme is “lifesaver” proof that even a meager premium can bring huge relief.
Maharashtra Races Ahead in PMFBY
As the top onion-producing state in India contributing 34% of the country’s supply, Maharashtra has seen a phenomenal leap in PMBY attendance:
- 2024-25: More than 743,000 hectares of onion nests insured
- 2019-20: 45000 hectares insured
What more? The farmers have come trusted now because they know the system. Re. 1 premium really works for them, as the claims come through.
Why Farmers Avail PMFBY
- Financial Security-Recovery from Losses
- Minimal Cost-Premiums Heavily Subsidized
- Government Backing-Payment in Timely Manner.
How to Enroll in PM Fasal Bima Yojana
Farmers can apply online or offline:
- Online: Visit https://pmfby.gov.in
- Offline: Visit nearest bank, cooperative society, or CSC (Common Service Center)
Important Note: Apply within 10 days of sowing for eligibility.