PRADHAN MANTRI FASAL BIMA YOJANA (PMFBY)
- The Govt. of India, Ministry of Agriculture & Farmers Welfare Department has implemented the Pradhan MantriFasalBimaYojana (PMFBY), accordingly State Level Co-ordination Committee of Crop Insurance (SLCCCI) Govt. of Odisha has been pleased to implement the PMFBY during the time of Khariff and Rabi crop season in the state.
- All farmers including share croppers and tenant farmers growing the notified crops in the notified area are eligible for coverage. The PMFBY is optional both loanee and Non loanee farmers.
- The scheme is optional for all farmers including farmers who have been sanctioned short term seasonal Agricultural operational (SAO) loans /Kishan Credit Card (KCC) for the notified crops from financial institution referred to as loanee farmer.
- Farmers whose KCC crop loan has become substandard as defined and as per prevailing practice shall not be considered as a loanee farmers.
- Sanctioning crop loan against securities without having insurable interest of the farmer on insurable land and notified crops shall not be covered under the scheme.
CROPS COVERED UNDER PMFBY
The notified crops for insurance under PMFBY are :
- Paddy
- Mustard
- Potato
- Groundnuts
- Black gram
- Green gram
- Onion
- Sugarcane
- Sunflower
PREMIUM RATES AND PREMIUM SUBSIDY
The Actuarial Premium Rate (APR) would be charged under PMFBY by implementing Agency time to time.
One of the major development was the scheme has been made voluntary for all the farmers including loanee farmers. The department has formulated guidelines regarding the operational procedure to be followed by Banks for implementing PMFBY.
- The farmers can choose not to participate in the scheme by giving a signed declaration, mentioning that the farmer does not want to participate in the scheme any time during the year for the upcoming seasons but at least 7 days before the enrollment of cut date.
- The loanee farmer who has opted out from the scheme will not be considered by the banks for coverage under crop insurance for all his crops and areas and till the time farmer submits an application for opting in irrespective of numbers of seasons or year.
PREMIUM RATES AND PREMIUM SUBSIDY
Further the farmers’ premium deducted by the banks is transferred to the insurance company directly and the bank branches enter the UTI number and amount on the National Crop Insurance Portal (NCIP) .Under the said system the insurance company shall accept premium from bank branches only through PAY GOV.
The insurance cover will be provided to the farmer to provide immediate relief in case of adverse seasonal conditions during the crop seasons viz. Floods, prolonged dry spells, severe drought where in expected yield during the seasons is likely to be less than 50% of normal yield.