Pradhan Mantri Fasal Bima Yojana enrollment up 27 percent in current fiscal so far
The enrollment under Pradhan Mantri Fasal Bima Yojana PMFBY has increased by 27 percent in financial year 2023-24 so far.
Team RuralVoice
The enrollment under Pradhan Mantri Fasal Bima Yojana PMFBY has increased by 27 percent in financial year 2023-24 so far.
The Ministry of Agriculture and Farmers Welfare said that in past eight years of implementation of PMFBY nearly 57 crore farmer applications have been enrolled and over 23 crore farmer applicants received claims.
It said that during this period, over Rs 31,000 crore were paid by farmers as their share of premium against which claims of over Rs 1.55 lakh crore have been paid to them.
The Ministry said for every Rs.100 of premium paid by farmers, they have received about Rs.500 as claims.
Pradhan Mantri Fasal Bima Yojana is a demand driven scheme and is voluntary for the states as well as farmers. The number of farmer applications has grown by 33.4 percent and 41 percent year-on-year during 2021-22 and 2022-23.
Around 42 percent of total farmers insured under the scheme in Financial Year 2023-24 are non-loanee farmers.
The third largest insurance scheme globally in terms of premium, the PM Fasal Bima Yojana launched in 2016, shields farmers from crop loss or damage arising out of unforeseen events.
