Pradhan Mantri Fasal Bima Yojana

Launch Date:  13.1.2016

Objective:

·        To provide comprehensive insurance coverage to farmers in the event of failure of any of the notified crop as a result of natural calamities, pests & diseases

·        To encourage adoption of innovative practices

·        To increase the number of insured farmers from present 20% to 50% in the next 2-3 years

Achievements:

• Biggest financial support till date by the Central Government in crop insurance. Plan to increase crop insurance coverage from 20% to 50% by 2018-19.

·         Implemented by 23 States during Kharif 2016; 401.54 lakh farmers covered and 392.82 lakh hectares insured over the sum insured of Rs.

1, 35, 00,572.17 lakh .

• During Rabi 2016-17, as of now, 390.79 lakh farmers covered and more than 379 lakh hectares insured over the sum insured of Rs. 1,29,58,383.40 lakh.  

Budget Allocations:

·        2017-18- Rs. 9000 cr

·        2016-17 - Rs. 5500 cr ( an additional sum of Rs. 7.7 thousand crores has also been provided during 2017-18 for the dues of 2016-17)

·        2015-16 - Rs. 3185 cr