Pradhan Mantri Fasal Bima Yojana (PMFBY)

The Pradhan Mantri Fasal Bima Yojana (PMFBY) was launched in 2016 with the goal of offering a simple, affordable, and comprehensive crop insurance product to Indian farmers. It covers all non-preventable natural risks from the pre-sowing stage to post-harvest, ensuring financial support when crops fail due to natural calamities, pests, or diseases.

Operating on the principle of 'One Nation, One Crop, One Premium,' PMFBY provides a comprehensive shield against crop losses from unpredictable natural hazards. This initiative aims to stabilize farmers' incomes and encourage them to adopt innovative agricultural practices.

PMFBY offers more comprehensive and robust protection compared to previous schemes. A significant feature is the removal of premium capping, which allows farmers to receive full claim amounts without any reductions.

The scheme also extends its coverage to individual farms across the nation for localized disasters such as hailstorms, landslides, floods, and wildfires. Additionally, PMFBY covers post-harvest losses resulting from cyclones, heavy rain, and hail.