Number of farmers under PM's crop insurance scheme rises by 27 pc in 2023-24

There has been a 27 per cent increase in the number of farmers enrolled under the Pradhan Mantri Fasal Bima Yojana (PMFBY) so far during the current financial year (2023-24) taking the total number of farmers covered under the crop insurance scheme to 56.8 crore, the Ministry of Agriculture & Farmers Welfare said on Wednesday.

In the past 8 years of implementation of the Centre’s scheme, as many as 56.80 crore farmer applications have been enrolled and over 23.22 crore farmer applicants have received claims. During this period, a total amount of nearly Rs 31,139 crore was paid by farmers as their share of premium against which claims of over Rs 1,55,977 crore have been paid to them. Thus, for every 100 rupees of premium paid by farmers, they have received about Rs 500 as claims, according to data compiled by the ministry.

“Due to efforts made by the Government, coverage under the scheme has been increasing year-on-year and farmers are subscribing to the scheme voluntarily rather than because of subscription of bank loans,” the ministry said.

The PMFBY is fulfilling the objectives of providing financial support to stabilise income of farmers especially at times when natural calamities damage crops.

Pradhan Mantri Fasal Bima Yojana (PMFBY) is a demand driven scheme and is voluntary for the states as well as farmers. The number of farmer applications has grown 33.4 per cent and 41 per cent year-on-year during 2021-22 and 2022-23, respectively. Further, during the year 2023-24, there is an increase of 27 per cent in terms of farmers enrolled under the scheme so far. Also 42 per cent of total farmers insured under the scheme in FY 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.

The Department of Agriculture & Family welfare is regularly monitoring the implementation of PMFBY including timely settlement of claims through weekly video conference of stakeholders, one-to-one meeting with insurance companies/states etc. Various innovative technologies are also adopted to increase the timeliness for flow of requisite information/data amongst stakeholders, the ministry added.