If you are a farmer in India with agriculture and animal farming, then you should learn more about the best Farmers Insurance or Crop Insurance which is Fasal Bima Yojana. The Government of India introduced the Pradhan Mantri Fasal Bima Yojana (PMFBY) as a crop insurance programme to aid farmers financially in the event that their crops are destroyed by natural disasters like drought, floods, pests, and diseases.
In this article, we will be talking about the best Farmers insurance in India which is Pradhan Mantri Fasal Bima Yojana (PMFBY) application process, premiums and more to help you understand more about this scheme.
Agriculture Insurance Company (AIC) is the only company that provides Pradhan Mantri Fasal Bima Yojana (PMFBY). In the event of crop loss, the farmers will have to file a claim with the insurance company and provide evidence of the loss. The claim will be settled based on the assessment of loss by the designated officials.
How to Apply for Pradhan Mantri Fasal Bima Yojana (PMFBY)
In order to apply for Pradhan Mantri Fasal Bima Yojana (PMFBY), farmers can follow the below steps:
- Contact the Agriculture Department office in your area: You can get more information about PMFBY and the enrollment process by visiting or calling the nearest Agriculture Department office in your area.
- Documents to Submit: You will be required to provide identification, proof of land ownership, and crop details. You must also submit a copy of the land survey report or the land registration document, as well as a copy of the agricultural land tax receipt.
- Fill out the application form: You must complete an application form, which can be obtained from the Agriculture department office or downloaded from the PMFBY’s official website. But it is better to fill the form at the Agriculture department office as the employees and others can help you while filling the form.
- Submit the application and required documents: Once you have completed the application form, you must submit it to the Agriculture Department office along with the required documents.
- Wait for confirmation: Your enrollment in the PMFBY will be confirmed once your application has been reviewed.
- Pay the premium: After enrolling, you must pay the premium for your insurance coverage. The premium rate varies according to crop type, location, and coverage level.
How to Pay Premium for Pradhan Mantri Fasal Bima Yojana (PMFBY)
If you have applied and enrolled yourself into the PMFBY scheme, then you need to pay a premium as mentioned by the scheme and below is the process to make the PMFBY premium payment.
- Visit the official PMFBY e-payment portal at https://pmfby.gov.in/
- Select “Premium Payment” from the drop-down menu
- Choose your state and an insurance company
- Enter your policy number and any other information that is required
- Choose a payment method from credit/debit card, net banking, or UPI
- Complete the transaction by entering your payment information
- You will be given a premium payment receipt, which you should keep for future reference.
Is there any Insurance for Farmers In India
Pradhan Mantri Fasal Bima Yojana (PMFBY) is a government-subsidized scheme designed to provide financial assistance to the farmers in case of crop loss and it’s not a loan.
What is the name of the Farmer Insurance Scheme in India
Pradhan Mantri Fasal Bima Yojana (PMFBY) is the name of the farmers insurance scheme in India.
What are the benefits of Fasal Bima Yojana
It also helps to reduce the financial burden on farmers and provides them with a safety net of Insurance from the premiums they pay for their scheme.
What is the Premium Rate in Fasal Bima Yojana
Farmers will have to pay a minimum of 2% of the sum insured for Kharif crops, 1.5% for Rabi crops and 5% for commercial/horticultural crops as a premium. The premium rate for annual horticultural crops will be 3% and for perennial horticultural crops, it will be 5%.