PMFBY (Syllabus: GS Paper 3 - Agriculture)

Context: Crop insurance claims worth around Rs 2,761.10 crore under the Pradhan Mantri Fasal Bima Yojana (PMFBY) were pending till 2021-22, with maximum pendency of claims in Rajasthan, Maharashtra and Gujarat. 

• The admissible claims under the PMFBY are generally paid by the concerned insurance companies within two months of completion of harvesting period and one month of notification for invoking the risks of prevented sowing, mid-season adversity and post harvest losses.

Pradhan Mantri Fasal Bima Yojana

• It was launched on 18th February 2016 by Prime Minister.
• It provides a comprehensive insurance cover against failure of the crop thus helping in stabilising the income of the farmers. 
• The Scheme covers all Food & Oilseeds crops and Annual Commercial/Horticultural Crops for which past yield data is available and for which requisite number of Crop Cutting Experiments (CCEs) are conducted being under General Crop Estimation Survey (GCES). 
• Farmers including sharecroppers and tenant farmers growing notified crops in the notified areas are eligible for coverage.
• The scheme is implemented by empanelled general insurance companies. 
• Selection of Implementing Agency (IA) is done by the concerned State Government through bidding. 
• The scheme is being administered by Ministry of Agriculture.