The union government has allocated Rs 16,000 crore for Pradhan Mantri Fasal Bima Yojana (PMFBY) for the fiscal year 2021-22 to boost the safety of farmers' crops and to ensure that maximum benefit of crop insurance reaches farmers.
"This is a budgetary increase of around Rs 305 crore as against the previous fiscal year 2020-21, which reiterates the government's commitment towards the growth of agriculture sector in the country," the Union Ministry of Agriculture and Farmers Welfare said in a press statement.
The scheme extends coverage for the entire cropping cycle from pre-sowing to post-harvest including coverage for losses arising out of prevented sowing and mid-season adversities.
Over the past 5 years, the Ministry of Agriculture and Farmers Welfare has worked extensively towards revamping the Pradhan Mantri Fasa Bima Yojana (PMFBY) scheme by relooking at the structural, logistical, and other challenges, the statement added. The scheme was made voluntary for farmers post its revamp in 2020.
The ministry further said that the scheme has made it easier for the farmer to report crop loss within 72 hours of the occurrence of any event through the Crop Insurance App, Common Service Centres or the nearest agriculture officer. Claim benefit is then provided electronically into the bank accounts of eligible farmers.