In this article, you will get to know about the PM Fasal Bima Yojana Registration, Benefits, New List, Eligibility, Payment. PMFBY, which was launched in 2016, is an insurance scheme for farmers in India. It is an affordable crop insurance program that provides financial support to farmers in case of crop loss due to unforeseen events like natural calamities, pests, and diseases. It covers crops from pre-sowing to post-harvest stages and delivers stabilizes farmers’ income, and encourages them to stay in agriculture. To know more about the PM Fasal Bima Yojana Registration, its benefits, eligibility, and more continue browsing this article.
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PM Fasal Bima Yojana Registration
The Pradhan Mantri Fasal Bima Yojana registration is primarily done online these days. Its registration is summarized into two categories of farmers that can register: loanee farmers who have availed a loan for agriculture, whose enrollment is often mandatory and facilitated by the bank you borrowed from. Non-loanee farmers who haven’t taken a loan but still register themselves for PMFBY.
The PM Fasal Bima Yojana Registration can be done online by browsing the official web page of the PMFBY. Where you need to go to the Farmer Corner section and select Apply for Crop Insurance yourself. Then, you will be directed to a page for guest farmer registration. Fill out the application form. The applicants can also register offline through the CSCs, locate their nearest CSC using the Common Service Centers locator, visit the CSC, and request to register for PMFBY.
However, the enrollment for PMFBY has specific cut-off dates depending on the crop season. Check with your local agriculture department or leading portal for the current enrollment deadline, and keep your land records and other required documents handy for registration. The premium payment for PMFBY is typically made electronically through NEFT.
PM Fasal Bima Yojana Benefits
The recipients who have made their PM Fasal Bima Yojana Registration are granted a range of benefits that help them manage risk and secure their income. The benefits involve:
- In case of crop losses due to natural disasters, pests, or diseases, PMFBY provides financial compensation that helps farmers to recover financially and continue farming operations.
- Income Stability for farmers against unforeseen events that could drastically impact their income; it helps stabilize their financial situation and allows for better planning.
- Reduced risk aversion by the insurance coverage to adopt innovative practices and experiment with new crops, can lead to increase productivity and overall improvement.
- Loans for agriculture are available; PM Fasal Bima Yojana Registration enrollment might be mandatory. Having crop insurance can improve their creditworthiness and make them eligible for easier load in the future.
These are some benefits of the PM Fasal Bima Yojana, and along with this, it also delivers low premium amounts, Comprehensive coverage, and transparency & easy claim settlement.
PMFBY Eligibility
For the PM Fasal Bima Yojana Registration, the applicants are required to meet certain specific eligibility conditions that include:
- Farmers who own the land they cultivate.
- Farmers need to have their valid and ascertained land ownership certificate or a reasonable land occupancy agreement.
- The farmer has not received any other compensation for the same lost crop.
- They have their valid KCC or acquire one within six months of registration.
- Enrolment for PMFBY has specific deadlines depending on the sowing season.
- The farmer needs to have their proper bank account, identification proof, and other documents at the time of registration.
These are some eligibility conditions that each farmer has to meet while proceeding with their PM Fasal Bima Yojana Registration.
PMFBY Payment
The PM, Fasal Bima Yojana payment, depends on whether you’re a loanee farmer or a non-loanee farmer. For the loanee farmers, the bank that provides the agriculture load deducts the PMEBY premium amount directly from the loan amount. So, you might not need to make a separate payment.
The premium rates by Crop types:
- Kharif Food & Oilseeds Crops typically covers 2% of the sum insured.
- Rabi Food & Oilseed Crops typically 1.5% of the sum insured.
- Annual Commercial/Horticultural Crops typically 5% of the sum insured.
However, the payment typically varies on the extent of crop loss; types of PMFBY claim that it involves post-harvest less, mid-season adversity/loss, and prevented sowing/planting.
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