The enrolment under Pradhan Mantri Fasal Bima Yojana PMFBY has increased by 27 percent in financial year 2023-24 so far. Ministry of Agriculture and Farmers Welfare said, 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, during this period, over 31 thousand crore rupees were paid by farmers as their share of premium against which claims of over one lakh 55 thousand crore rupees have been paid to them. The Ministry said, for every 100 rupees of premium paid by farmers, they have received about 500 rupees 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.
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