PMFBY: Wheat Farmers Can Get Insurance Cover of ₹82,200 Per Hectare

Key Highlights

• Farmers can get ₹82,200 per hectare cover for wheat crops.
• Pay a nominal premium: 1.5% for food crops, 5% for others.
• Claims processed faster using satellite-based technology.
• Direct Benefit Transfer ensures quick compensation.
• Extended until 2025-26 with ₹69,515.71 crore allocation.

The Pradhan Mantri Fasal Bima Yojana (PMFBY) is set to bring a significant boost for wheat farmers in India, offering a compensation cover of up to ₹82,200 per hectare. This crop insurance scheme, initiated by the central government, aims to protect farmers from financial losses due to natural disasters. Here's everything you need to know about this beneficial scheme and how farmers can take advantage of it.

Also Read: PMFBY: Farmers Can Insure Rabi Crops by December 31 – All You Need to Know

4 Crore Farmers Benefited So Far

Since its launch, PMFBY has become increasingly popular among farmers. Over 4 crore farmers have benefited, with ₹17,000 crore disbursed as claims to those who suffered crop losses. This Rabi season, many farmers insured their wheat crops under the scheme to safeguard against risks like floods, droughts, and hailstorms.

However, some farmers are still missing out on this opportunity. By paying a small premium, they can avoid massive financial setbacks caused by unpredictable weather.

Nominal Premiums for High Coverage

Under PMFBY, farmers need to pay only a small fraction of the total insurance amount as a premium:

• 1.5% of the insured amount is for food crops like wheat.
• 5% of the insured amount for horticultural and commercial crops.

The remaining premium is equally shared by the central and state governments. For example:

• A farmer in Uttar Pradesh pays ₹1,233 as a premium per hectare and gets ₹82,200 as insurance coverage for wheat.
• In Haryana, farmers pay ₹1,148.12 for wheat insurance and get a claim of up to ₹76,541 per hectare.
• In Rajasthan, the premium for wheat is ₹1,071.17, offering coverage of ₹71,411 per hectare.

Farmers can register for insurance through banks, post offices, Common Service Centers (CSCs), or agents of the notified insurance companies.

Improved Processes for Faster Claims

The government is planning to make PMFBY even more efficient. Crop loss assessment will now use satellite-based technology instead of manual surveys, ensuring quicker and more accurate compensation. Additionally:

• Compensation will be directly transferred to farmer's bank accounts through DBT (Direct Benefit Transfer).
• Insurance companies delaying payouts will face a 12% interest penalty.

Extended Coverage Period

The scheme provides coverage from sowing to post-harvest stages, ensuring complete protection for crops. Although the registration deadline for the Rabi season has passed, farmers can prepare to secure insurance for the upcoming season.

How to Enroll

Farmers must submit the following documents for registration:

1. Declaration form
2. Aadhaar card
3. Land ownership or lease documents
4. Loan book (for loanee farmers)
5. Sowing certificate

The scheme is voluntary, and farmers who are not automatically enrolled must submit a declaration form to their financial institution.

A Secure Future for Farmers

With the PMFBY extended until 2025-26 and a budget allocation of ₹69,515.71 crore, the government is committed to providing financial security to farmers. Farmers are encouraged to use the PMFBY portal or mobile app to calculate their premiums and insurance coverage.

By insuring their crops, farmers can protect their hard work and livelihoods from unpredictable natural disasters. The PMFBY not only ensures financial stability but also empowers farmers to continue contributing to India’s agricultural growth.

Also Read: Farmers Can Now Get Loans of Rs 2 Lakh Without Documents – Here's How

CMV360 Says

The PMFBY offers affordable crop insurance, protecting farmers from natural disasters with coverage of up to ₹82,200 per hectare for wheat. By paying a small premium, farmers can ensure financial security and stability, empowering them to focus on agriculture growth. Enroll today to safeguard your future.