The Pradhan Mantri Fasal Bima Yojana(PMFBY) is intended to provide insurance coverage and financial support to the farmers in event of any failure of any of the notified crop as a result of natural calamities, pests and diseases; to stabilise the income of farmers to ensure their continuance in farming; to encourage farmers to adopt innovative and modern agricultural practices and to ensure flow of credit to agricultural sector.
There are other farming welfare related schemes :
All farmers growing notified crops in a notified area during the season who have insurable interest in the crop are eligible.
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In case of Loanee farmers under Compulsory Component, the Sum Insured would be equal to Scale of Finance for that crop as fixed by District Level Technical Committee (DLTC) which may extend up to the value of the threshold yield of the insured crop at the option of insured farmer. Where value of the threshold yield is lower than the Scale of Finance, higher amount shall be the Sum Insured. Multiplying the Notional Threshold Yield with the Minimum Support Price (MSP) of the current year arrives at the value of sum insured. Wherever Current year’s MSP is not available, MSP of previous year shall be adopted. For more information, please download the scheme document from the official website
You can submit your application online and track its status on the official website
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