Pradhan Mantri Fasal Bima Yojana is an insurance service for farmers that was lainched by Prime Minister Narendra Modi on 18 February 2016. The scheme was formulated in line with One Nation–One Scheme theme by replacing earlier two schemes National Agricultural Insurance Scheme (NAIS) and Modified National Agricultural Insurance Scheme (MNAIS) by incorporating their best features and removing their inherent drawbacks (shortcomings).
The aim of the scheme is to reduce the premum burden on farmers and ensure early settlement of crop assurance claim for the full insured sum.
Objectives of PMFBY
- Providing insurance coverage to farmers and giving them financial support in the event of failure of any of the notified crop as a result of natural calamities, pests and diseases.
- To stabilise their income for ensuring their continuance in farming.
- For encouraging armers to adopt innovative and modern practices of agriculture.
- To ensure flow of credit to the agriculture sector.
Agency of implementation
PMFBY is implemented through a multi-agency framework by selected insurance companies under the overall guidance and control of
- Department of Agriculture, Cooperation and Farmers Welfare (DAC&FW)
- Ministry Of Agriculture And Farmers Welfare (MoA&FW
- Government of India
- Commercial Banks
- Co-operative Banks
- Regional Rural Banks and their regulatory bodies
- Government Departments such as:
- Information/Science and Technology
- Panchayati Raj
Coverage of Risks under PMFBY:
- Comprehensive risk insurance is provided to cover yield losses due to non-preventable risks, such as :
- Natural Fire and Lightning,
- Storm, Hailstorm,
- Cyclone, Typhoon,
- Tempest, Hurricane,
- Risks due to Flood,
- Inundation and Landslide,
- Drought, Dry spells,
- Pests/ Diseases also will be covered
- In post-harvest losses, coverage will be available up to a maximum period of 14 days from harvesting for those crops which are kept in “cut & spread” condition to dry in the field.
- Areas where farmers are prevented from sowing/planting the insured crop due to adverse weather conditions, shall be eligible for indemnity claims upto a maximum of 25 per cent of the sum-insured.
Risks and Losses not to be covered under PMFBY :
- War & kindred perils,
- malicious damage,
- nuclear risks,
- theft, act of enmity,
- grazed and/or destroyed by domestic and/or wild animals,
- In case of Post–Harvest losses the harvested crop bundled and heaped at a place before threshing, other preventable risks.
Eligibility Criteria :
- All farmers growing notified crops in a notified area during the season who have insurable interest in the crop are eligible.
- Compulsary Coverage : Farmers in the notified area who possess a Crop Loan account/KCC account(called as Loanee Farmers) to whom credit limit is sanctioned/renewed for the notified crop during the crop season.
- Voluntary Coverage : It may be obtained by all farmers not covered in Compulsary Coverage, including Crop KCC/Crop Loan Account holders whose credit limit is not renewed.
How to apply :
- To apply for crop insurance, farmers can visit the website pmfby.gov.in
Rate of Insurance Charges
|S.No||Crops||Season||Maximum Insurance charges payable by farmer|
|1||Food & Oilseeds crops
||Rabi||1.5% of SI or Actuarial rate, whichever is less|
|2||Food & Oilseeds crops
||Kharif||2.0% of SI or Actuarial rate, whichever is less|
|3||Annual Commercial /
Annual Horticultural crops
|Kharif & Rabi||5% of SI or Actuarial rate, whichever is less|
|S.No||Insurance Company Name||Headquarter Email||Toll Free Number||Address of head quarter|
|1.||AGRICULTURE INSURANCE COMPANYfirstname.lastname@example.org||1800116515||Office Block-1, 5th Floor, Plate-B & C, East Kidwai Nagar, Ring Road, New Delhi-110023|
|2.||BAJAJ ALLIANZ GENERAL INSURANCE CO. LTDemail@example.com||18002095959||Bajaj Allianz House, Airport Road, Yerawada, Pune 411 006|
|3.||BHARTI AXA GENERAL INSURANCE COMPANY LTD.||firstname.lastname@example.org||18001037712||7th floor, Merchantile House, K.G.Marg, New Delhi - 110 001|
|4.||CHOLAMANDALAM MS GENERAL INSURANCE COMPANY LIMITEDemail@example.com||18002005544||2nd Floor, "Dare House", No.2, NSC Bose Road,Chennai - 600001, India. Phone: 044-3044 5400|
|5.||HDFC ERGO GENERAL INSURANCE CO. LTD.||firstname.lastname@example.org||18002660700||D-301, 3rd Floor, Eastern Business District (Magnet Mall), LBS Marg, Bhandup (West). MUMBAI - 400078 State : Maharastra , City : MUMBAI, Pin Code : 400078|
|6.||FUTURE GENERALI INDIA INSURANCE CO. LTD.||email@example.com||18002664141||Indiabulls Finance Centre, 6th Floor, Tower 3, Senapati Bapat Marg, Elphinstone West, Mumbai, Maharashtra 400013|
|7.||ICICI LOMBARD GENERAL INSURANCE CO. LTD.||firstname.lastname@example.org||18002669725||ICICI Lombard House414, P.Balu Marg,Off Veer Sawarkar Marg,near Siddhivinayak Temple, Prabhadevi,Mumbai-400025|
|8.||IFFCO TOKIO GENERAL INSURANCE CO. LTD.||email@example.com||1800-103-5490||IFFCO Tower ,Plot No. 3 , Sector 29 , Gurgaon -122001,Haryana(India)|
|9.||NATIONAL INSURANCE COMPANY LIMITEDfirstname.lastname@example.org||18002007710||National Insurance Co. Ltd.3 , Middleton Street , Kolkata -700071,West Bengal|
|10.||NEW INDIA ASSURANCE COMPANYemail@example.com||18002091415||87, MG Road, Fort, Mumbai - 400001|
|11.||ORIENTAL INSURANCEfirstname.lastname@example.org||1800118485||The Oriental Insurance Company Ltd.Crop Cell, Head Office, New Delhi|
|12.||RELIANCE GENERAL INSURANCE CO. LTD.||email@example.com||18001024088||Reliance Centre , South Wing , 4th floor,Off Western Express Highway, Santacruz (East), Mumbai - 400055|
|13.||ROYAL SUNDARAM GENERAL INSURANCE CO. LIMITEDfirstname.lastname@example.org||18005689999||Vishranthi Melaram Towers, No. 2/319, Rajiv Gandhi Salai (OMR), Karapakkam, Chennai - 600097|
|14.||SBI GENERAL INSURANCEemail@example.com||18001232310||101,201,301, Natraj. Junction of Western express highway & Andheri - Kurla road. Andheri East Mumbai - 400069|
|15.||SHRIRAM GENERAL INSURANCE CO. LTD.||firstname.lastname@example.org||180030030000/
|E-8, Epip, Riico Industrial area, sitapura Jaipur (Rajasthan) 302022|
|16.||TATA AIG GENERAL INSURANCE CO. LTDemail@example.com||18002093536||Peninsula Business Park, Tower-A, 15th Floor, Ganpat Rao Kadam Marg, Lower Parel, Mumbai, Maharashtra-400013,India.|
|17.||UNIVERSAL SOMPO GENERAL INSURANCE COMPANYfirstname.lastname@example.org||18002005142||Unit No 401, 4th Floor, Sangam Complex,127, Andheri – Kurla Road, Andheri (E),Mumbai-400059.|
|18.||UNITED INDIA INSURANCE CO.||email@example.com||180042533333||Customer care department, no.24, whites road, Chennai-600014|