Pradhan Mantri Fasal Bima Yojana (PMFBY): Eligibility, Benefits, Application & Requirements

Pradhan Mantri Fasal Bima Yojana (PMFBY) was launched on 18th February 2016 to provide a comprehensive insurance cover against failure of the crop, thus helping in stabilising the income of the farmers and encouraging them to adopt innovative practices. Key Objectives 1. Provide financial support to farmers suffering crop loss/damage arising out of unforeseen events. 2. Stabilize the income of farmers to ensure their continuance in farming. 3. Encourage farmers to adopt innovative and modern agricultural practices. 4. Ensure credit flow to the agricultural sector to contribute to food security, crop diversification, and economic stability. Premium Structure - **Kharif Crops (Food & Oilseeds):** Maximum 2.0% of Sum Insured paid by farmer. - **Rabi Crops (Food & Oilseeds):** Maximum 1.5% of Sum Insured paid by farmer. - **Commercial / Horticultural Crops:** Maximum 5.0% of Sum Insured. - The entire balance premium subsidy is borne equally (50:50) by the Central Government and respective State Governments (90:10 for North Eastern states). Administered under central statutory authority by Ministry of Agriculture and Farmers Welfare, Pradhan Mantri Fasal Bima Yojana (PMFBY) is designed to safeguard eligible families, low-income workers, and marginalized individuals from economic distress while promoting sustainable community wellbeing. The program operates with clear statutory entitlements: beneficiaries meeting all published criteria have an administrative right to receive designated services, cash allowances, or subsidies without arbitrary bias. Implementation varies between regional jurisdictions to address local living standards and cost-of-living differences.