Review Of Pradhan Mantri Fisal Bima Yojana (PMFBY) (Till 2016)
Post on 03,March 2017   5:00 PM
By - PolyEyes Staff
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The government launched the PM’s Fasal Bima Yojana in February 2016 in a bid to offer some respite to the farmers from the vagaries of nature. Recently, its performance was reviewed.

Before the launch of PMFBY, National Agricultural Insurance Scheme (NAIS) and Modified NAIS were serving the farmers.However, the scheme was not successful in providing the farmers the much needed benefits.

The sum insured under these schemes were insufficient. Compensation to the farmers took several months.

How Does PMFBY Works: A technicalcommittee in each district decides the sum insured taking into account all the costs incurred by the farmers.

Premiums are decided by assessing the risk involved through mathematical and statistical calculation (actuarial analysis). Also, there is no capping on the premium.

Both public and private insurance companies come together to decide the premium. The premium is then subsidized.

The farmer only has to pay 2% for kharif crop, 1.5% for Rabi crops and 5% for annual commercial crops. The rest is paid by the government (divided equally between the Centre and the States).

High technology including smartphones, GPS, drones and satellites are to be used for accuracy, transparency, and faster assessment of damages and settling claims.

Contribution PMFBY: PMFBY insured 35.5 million farmers compared to just 12.1 million in kharif 2013, and 25.4 million in kharif 2015 under NAIS and MNAIS combined.

The area insured also increased from 16.5 million hectares (mha) in kharif 2013 and 27.2 mha in kharif 2015 to 37.5 mha under PMFBY.

  • Thescheme has certain loopholes especially when it comes to allocation.
  • The premium should have decreased with increase in scale of coverage, however the opposite happened.
  • Also, states which joined late got premium rates as high as 20 percent.
  • Drones were not employed for crop inspection despite its proposal.
  • Smartphones were also not distributed.

Premiums were to be paid to insurance companies in advance by the States but they were not.As a result, the farmers have not been compensated in time.


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