PMFBY is a scheme that provides insurance cover to farmers for their crops against natural calamities. It integrates farmers, insurance companies, banks, and other stakeholders on a single platform. Pradhan Mantri Fasal Bima Yojana ( PMFBY ) aims to support production in agriculture by providing affordable crop insurance to ensure comprehensive risk cover for crops of farmers against all non-preventable natural risks from pre-sowing to post-harvest stage, on an ‘Area Approach Basis’. PMFBY is a government-sponsored scheme that provides insurance coverage and financial support to farmers against crop loss due to natural calamities, pests and diseases. It has low premium rates, no upper limit on government subsidy, and uses technology to reduce claim settlement delays. Pradhan Mantri Fasal Bima Yojna (PMFBY) aims to provide a comprehensive insurance cover against failure of the crop thus helping in stabilising the income of the farmers.
