Page 2 - Pradhan Mantri Fasal Bima Yojana

Inadequate cover

Five years on, PMFBY still suffers from multiple flaws

Fasal Bima Yojana mitigated risk, benefitted crores of farmers: PM Modi

The crop insurance scheme launched by his government has benefitted crores of farmers by mitigating farming risks against the vagaries of nature, Prime Minister Narendra Modi said on Wednesday as it completed five years since its launch. In tweets, Modi also asked people to get information on how the 'PM Fasal Bima Yojana' has helped farmers from his NaMo app. "An important initiative to secure hardworking farmers from the vagaries of nature, PM Fasal Bima Yojana completes 5 years today. The Yojana has increased coverage, mitigated risk & benefitted crores of farmers. I congratulate all beneficiaries of the scheme," he said. "How has PM Fasal Bima Yojana ensured greater benefit to farmers? How has transparency been furthered in settlement of claims? These, and other aspects relating to PM-FBY have been answered through innovative content on the NaMo App's Your Voice Section," he added.

Govt sets foodgrain output target at record 301 mn tonnes for 2020-21

The target for the 2020-21 crop year was set at the National Conference for Rabi Campaign 2020, which was held on Monday to review the progress of the kharif season and plan for the rabi crops

States opt out, farmers' enrolment drops as PMFBY enters a new phase

From imposing penalties on insurance companies and states that delay claim payment to farmers, to making the scheme voluntary for farmers, PMFBY has seen many twists and turns since inception

Review PMFBY

Recent changes may actually be counterproductive

Fasal Bima Yojana: FM stresses on need to release premium subsidy in time

She suggested that stringent follow-up should be done with states where subsidy is pending

Farmers to give declaration to banks to opt out of 'PMFBY' scheme

Farmers with loan dues will need to give a simple declaration to their bank branch seven days before the final date for enrolment under the Pradhan Mantri Fasal Bima Yojana (PMFBY) to opt out of the scheme, the government has said.The cut-off date for enrolment is July 31 for the kharif season and December 31 for rabi.The clarification has been issued after last month's decision to make PMFBY voluntary for loanee farmers as well. For non-loanee farmers, the scheme has been optional since the beginning. Senior officials said banks have been directed to maintain a record of the declarations given by farmers, so that no premium is deducted after someone has opted to move out of the scheme. The Centre has also urged banks to conduct an awareness drive among loanee farmers to persuade they remain with the scheme. Also, to try and ensure the current beneficiaries of schemes such as PM-KISAN, Jan-Dhan, etc, remain in the PMFBY.Last month, a little more than three years after it was launched .

Why changes in crop insurance scheme could raise issues of sustainability

There are two principal changes. The first is the decision to make the scheme voluntary for non-loanee farmers and the second imposes a limit on the premium subsidy to 30 per cent for unirrigated area

Revamping farm insurance

New proposals may do more harm than good

Limiting Centre's share might push up state's burden for high-risk crops

The difference between the actuarial premium rate and the premium paid by farmers was the subsidy shared equally between the Centre and states

PMFBY scheme: Cabinet makes crop cover optional for loanee farmers

The share of non-loanee farmers, for whom the scheme is voluntary, has been steadily rising, which shows that there a vast section of growers are in favour of the scheme.

Insurers brace for highest ever claim ratio in FY20 for govt's crop scheme

Insurers are expecting claim ratio to be as high as 120 per cent this year as unseasonal rains and natural calamities led to high amount of crop damage

Making crop insurance work

PMFBY has failed to impress stakeholders

Fixing crop insurance

There are many shortcomings in the design of the PMFBY

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Private Cos pull out of PM crop insurance scheme due to unviable biz model

ICICI Lombard General Insurance, Tata AIG and Cholamandalam MS General Insurance, have pulled out of the Pradhan Mantri Fasal Bima Yojana

Agriculture Insurance Co planning to launch crop reinsurance schemes abroad

Agriculture Insurance Company (AIC), for now, is looking to launch reinsurance in countries like Nepal, Sri Lanka, Philippines and Bangladesh

Govt-owned AIC mulls launching crop reinsurance services outside India

The firm is currently in discussions with intermediaries to launch the product by January 2020

Insurance flaws

PMFBY fails to live up to the hype

The govt may make PM's crop insurance scheme voluntary and that may kill it

The proposal to make PMFBY voluntary was part of the Bharatiya Janata Party's 2019 election manifesto. Why is the government proposing to jettison the scheme?