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Pradhan Mantri Fasal Bima Yojana (PMFBY): Eligibility & How to Apply

What Is Pradhan Mantri Fasal Bima Yojana (PMFBY)?

Objectives of Pradhan Mantri Fasal Bima Yojana

Highlights of Pradhan Mantri Fasal Bima Yojana

What Are the Types of Risks Covered Under PMFBY?

What Are the Premiums under the Pradhan Mantri Fasal Bima Yojan?

To enjoy the insurance benefits provided under this scheme, farmers must pay a nominal share of the following actuarial premiums:

  • Kharif crops (2%)
  • Rabi crops (1.5%)
  • Commercial crops (5%)
  • Horticultural crops (5%)

The state and central governments bear the rest of the actuarial premium, i.e., 95-98.5% and shares on a 1:1 ratio.

For instance, if a farmer has a sum of ₹ 35,000 and land insured of 1 hectare, the insurance companies will charge the actuarial premium of ₹ 4,000.

Here, if the farmer harvests Kharif crops on the insured land, then he must pay 2% of the actuarial premium (as per the list mentioned above), which stands at ₹ 800.

The remaining amount of ₹ 3,200 will be shared on a 1:1 basis meaning the State and Central Governments will each pay ₹ 1,600 to the insurance company.

Farmer’s principal

₹ 35,000

Farmer’s land

1 hectare

Actuarial premium from insurance companies

₹ 4,000

Premium rate for Kharif crops

2%

Premium per month

₹ 800

Remaining amount

₹ 3,200

Ratio of distribution between State and Central Governments

1:1

Amount payable to the insurance company

₹ 1,600

What Is the Eligibility Criteria of Pradhan Mantri Fasal Bima Yojana?

How to Apply Pradhan Mantri Fasal Bima Yojana (PMFBY) Online?

What Are the Documents Required for Pradhan Mantri Fasal Bima Yojana?

How to Report Crop Loss and Claim Insurance?

What Are the Revised Operational Guidelines for Pradhan Mantri Fasal Bima Yojna (PMFBY)?

Comparison with Previous Schemes

Here is a comparative analysis of previous schemes mentioned in a table format:
Feature NAIS (National Agricultural Insurance Scheme-1999) MNAIS (Modified National Agricultural Insurance Scheme- 2010) Pradhan Mantri Crop Insurance Scheme
Premium rate Low High Lower than even NAIS (Govt to contribute 5 times that of a farmer)
On Account Payment No Yes Yes
Awareness No No Yes (target to double coverage to 50%)
Use of Technology (for quicker settlement of claims) No Intended Mandatory
One Season – One Premium Yes No Yes
Post-harvest Losses coverage No Coastal areas - for cyclonic rain All India – for cyclonic + unseasonal rain
Prevented Sowing coverage No Yes Yes
Localised Risk coverage No Hail storm, Landslide Hail storm, Landslide, Inundation
Insurance Amount cover Full Capped Full

Frequently Asked Questions