The Ministry of Agriculture & Farmers Welfare in its latest report showed that the enrolment under the Pradhan Mantri Fasal Bima Yojana (PMFBY) increased by 27% in current year so far. Also it said that 42% of total farmers insured under the scheme in FY 2023-24 are non-loanee farmers. The number of farmer applications has grown 33.4% and 41% year-on-year during 2021-22 and 2022-23, respectively.
The Ministry further noted that in past 8 years of implementation of PMFBY, 56.80 crore farmer applications have been enrolled and over 23.22 crore farmer applicants received claims. During this period, nearly Rs 31,139 crore were paid by farmers as their share of premium against which claims of over Rs 1,55,977 crore have been paid to them. Thus, for every 100 rupees of premium paid by farmers, they have received about Rs 500 as claims.
Meanwhile, 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. The PMFBY is successfully fulfilling the objectives of the scheme including providing financial support to stabilize income of farmers especially in natural calamity hit seasons/years/areas. PMBFY is a Central Sector Scheme, therefore, no State/UT-wise allocation and release is made under the scheme.
