PMFBY Farmer Enrollment Up by 27%, Claims Payout Hits Rs. 1,55,977 Crore

The Pradhan Mantri Fasal Bima Yojana (PMFBY) has reported a remarkable increase in farmer enrollment and claims payout in the current year. According to recent data released by the government, enrollment under PMFBY has surged by 27% compared to previous years.

The PMFBY, launched in 2016, has emerged as the third-largest insurance scheme globally in terms of premiums. It serves as a crucial safety net for farmers, shielding them from crop loss or damage due to unforeseen events such as natural calamities.

Over the past eight years of its implementation, PMFBY has seen a staggering 56.80 crore farmer applications being enrolled. Out of these, more than 23.22 crore farmer applicants have received claims, highlighting the scheme's importance in providing financial support to stabilize farmers' incomes, especially during challenging seasons or in disaster-struck areas.

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One of the key highlights of PMFBY is the significant payout ratio for farmers. For every 100 rupees of premium paid by farmers, they receive approximately Rs. 500 as claims, demonstrating the scheme's effectiveness in providing timely assistance to farmers in need.

The surge in enrollment can be attributed to various factors, including the scheme's voluntary nature for both states and farmers. Additionally, the government's efforts to increase awareness and improve the scheme's implementation have played a crucial role in encouraging more farmers to enrol voluntarily.

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An encouraging trend is the increasing participation of non-loanee farmers, with 42% of total farmers insured under the scheme in the current fiscal year falling into this category. This indicates a broader acceptance and understanding of the scheme's benefits among farmers across different socio-economic backgrounds.

To further enhance the scheme's coverage and efficiency, the government has implemented several measures. These include extending the bidding process tenure to three years for the selection of insurance companies, introducing alternative risk models, and leveraging technology to streamline the claims settlement process.

The infusion of improved technology, such as the National Crop Insurance Portal (NCIP) and the Yield Estimation System based on Technology (YES-TECH), has significantly contributed to making the scheme more transparent and farmer-friendly. Integration of state land records with NCIP and the introduction of the Digiclaim module have expedited the claims settlement process, ensuring timely payment to farmers.

In line with its commitment to transparency and accountability, the government has periodically revised the Operational Guidelines of PMFBY. These revisions aim to ensure that eligible benefits under the scheme reach farmers promptly and transparently, reflecting the government's dedication to the welfare of the agricultural community.

The Department of Agriculture & Family Welfare is actively monitoring the implementation of PMFBY, with regular stakeholder consultations and the adoption of innovative technologies to enhance efficiency. With the continued success and expansion of PMFBY, India's agricultural sector is poised for greater resilience and prosperity in the years to come.

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