Pradhanmantri fasal bima yojana (PMFBY) 1 Rs scheme for farmers has been announced by the central government. PMFBY in 2023 will bring smiles to farmers’ faces. Read everything about the scheme including notified crops, insurance company names and regions they cover, state and central gov contributions and more.
Quick overview – Central gov = 30% (dry areas) + 25 % (horticulture areas) + State government = (remaining amount), Farmer registration on the crop insurance website, pay only Rs 1 for PMFBY 2023.
For this scheme, the central government will pay 30% of its share of the insurance amount for dry areas and 25% of the sum insured for crops in horticulture areas.
Fasal Bima Yojana is being advertised as Rs 1 for state farmers, what is this scheme exactly and how farmers will get insurance for which crop you will get to know in this post.
Pradhanmantri fasal bima yojana 1 Rs scheme for farmers
Fsal bima 1 rupee scheme
During the kharif season for food grains and pulse crops, farmers need to pay two per cent of the sum insured. Whereas farmers need to pay 1.5% of the sum insured during rabi season crops. Farmers are bound to pay 5% of the sum insured during the Kharif and Rabi seasons.
Till now farmers were registering on the crop insurance website and were bound to pay the entire deductible to avail the scheme benefits. The good news is the state government will give the benefits of a one-rupee crop insurance scheme to farmers, announced by the government. According to this newly updated fasal bima scheme, farmers need to pay only Rs 1 to register and the rest share of the farmers will be paid by the state government. So what are you waiting for if you are not registered in the pradhan mantri fasal bima scheme yet then hurry up and do the registration.
State government and central gov contribution ratio
For this updated scheme the central government will pay its share to the extent of 30% of the insured amount for dry regions and 25% for horticulture areas. The state government will pay the remaining amount. Let’s understand it in this way: Central govt = 30% (dry areas) + 25 % (horticulture areas) and State government = (remaining amount 45%).
The state government decided to implement a comprehensive crop insurance scheme from 2023-24 and the state government will pay the remaining difference as a subsidy (general insurance). For this farmers need to do the registration on the crop insurance website by paying only one rupee insurance premium.
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Pradhan Mantri crop insurance scheme features
Pradhanmantri crop insurance scheme is applicable for only notified areas and notified crops. The scheme is optional for loanee and non-loanee farmers and farmers cultivating land on the lease (having a hire agreement) in notified areas are eligible for this scheme. The insurance will be cancelled if taken out in the name of the deceased farmer.
Registration dates
Interested farmers must register on the crop insurance website till the dates given below.
Kharif season crops – Till 31 July 2023.
Rabi season crops – Till 30 Nov 2023.
Note – Criminal action will be taken if the name of the farmers is not present on the seven twelve slips, bogus tenancy (bogus clan farming agreement).
Crops under insurance
Kharif season – Cereal and pulses crops, Kharif sorghum, bajri, ragi, moong, urad, tur and maize.
Rabi season – Wheat, arable, rabi, sorghum, gram, summer rice,
Popular grains – Groundnut, kale, seasam, sunflower, soybean.
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Risks insured under PMFBY 2023
Damage to crops due to – Adverse weather during the cropping season, storms, cyclones, floods, landslides, droughts, no rain, pests damage, yield loss at the end of the season due to natural fire, lightning, hailstorm, and agriculture inundation etc.
Damage from planting to harvesting – Local natural calamities, and post-harvest damage to crop production due to natural causes.
Insurance giving company names
9 companies are assigned by the state gov and each company will cover the assigned districts.
- Oriental insurance – Nashik, Nagar, Chandrapur, Solapur, Jalgaon and Satara.
- ICICI Lombard – Wardha, Nagpur and Parbhani.
- Universal Sompo – Jalna, Gondia and Kolhapur.
- United India – Thane, Ratnagiri and Sindhudurg.
- Cholamandalam MS general insurance – Aurangabad, Bhandra, Palghar and Raigarh.
- Agriculture insurance company of India (AIC) – Washim, Buldana, Nandurbar and Sangli.
- HDFC Ergo – Hingoli, Akola, Dhule, Phule and Osmanabad.
- Reliance general insurance – Amravati, Yavatmal and Gadchiroli.
- SBI general insurance – Latur.
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FAQ
How much money should I pay to apply for Pradhanmantri Fasal Bima Yojana in 2023?
Only Rs 1 as per the new announcement by the govt.
Where should I apply for PMFBY?
Visit the PMFBY crop insurance website.
What is the risk covered under this scheme?
Crop damage due to – Adverse weather, storm, cyclone, flood, landslides, drought, no rain, pests damage, fire, lightning, hailstorm, agriculture inundation etc.
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