Farmers Reap Benefits with 5-Fold Claims Under PMFBY

Farmers have received ₹1.63 lakh crore in insurance claims under the Pradhan Mantri Fasal Bima Yojana (PMFBY), against premiums paid of ₹32,440 crore. The scheme, introduced in the Kharif 2016 season, covers farmers against natural risks. Enrollment and coverage areas have significantly increased between 2022-23 and 2023-24.

Farmers have received ₹1.63 lakh crore in insurance claims under the Pradhan Mantri Fasal Bima Yojana (PMFBY), with the payouts far exceeding the ₹32,440 crore in premiums they paid, Parliament was informed on Friday.

Union Agriculture Minister Shivraj Singh Chouhan reported that the PMFBY, voluntary for states, covers farmers against all non-preventable natural risks from pre-sowing to post-harvest stages, offering comprehensive risk coverage at reasonable premiums.

The scheme has successfully achieved its objectives, particularly in calamity-hit regions, resulting in a significant increase in both covered areas and farmer enrollment. Coverage in the 2023-24 year grew to 598 lakh hectares with 3.97 crore farmers enrolled, up from 501 lakh hectares and 3.17 crore farmers in 2022-23.

(With inputs from agencies.)