1. Agriculture World

PM Fasal Bima Yojana: Best Companies Providing Crop Insurance To Farmers

In this article we will tell you which companies should you get Crop insurance from in order to get the benefit of Pradhan Mantri Fasal Bima Yojana.

Sugandh Bhatnagar
Best Companies Providing Crop Insurance To Farmers under PMFBY
Best Companies Providing Crop Insurance To Farmers under PMFBY

Every year India suffers from huge crop losses due to extreme weather conditions and to help the farmers cope with these losses, many insurance schemes are being run by the. One such scheme is Pradhan  Mantri Fasal Bima Yojana. Under these schemes, the government provides compensation to loss-stricken farmers. So that farmers do not have to go through severe economic crisis. If you also want to get benefits under the crop insurance scheme, then this news is for you! 

In this article we will tell you which companies should you get Crop insurance from in order to get the benefit of Pradhan Mantri Fasal Bima Yojana. 

What is PM Fasal Bima Yojana? 

Pradhan Mantri Fasal Bima Yojana (PMFBY) aims to support sustainable production in the agriculture sector, providing financial assistance to farmers suffering crop loss due to unforeseen events to ensure their continuance in farming and much more.  In this, different insurance policies are given on different crops. There are separate policies for food crops (cereals, millets and pulses), oilseeds, annual commercial or annual horticultural crops etc. 

Coverage of Risks & Exclusions 

The following stages of crop & risks leading to crop loss are basically covered under this yojana. 

  • Prevented Sowing or Planting Risk 

  • Standing Crop (Sowing to Harvesting) 

  • Post-Harvest Losses 

  • Localized Calamities 

General Exclusions – This includes losses due to war or nuclear risks, malicious damage & other preventable risks. 

Pradhan Mantri Fasal Bima Yojana: What is premium rate and subsidy? 

 

Season 

Crops 

Maximum Insurance charges payable by farmer (% of Sum Insured) 

Kharif 

All foodgrain and Oilseeds crops(all Cereals, Millets, Pulses and Oilseeds crops) 

2.0% of SI or Actuarial rate, whichever is less 

Rabi 

All foodgrain and Oilseeds crops(all Cereals, Millets, Pulses and Oilseeds crops) 

1.5% of SI or Actuarial rate, whichever is less 

Kharif & Rabi 

Annual Commercial / Annual Horticultural crops 

5% of SI or Actuarial rate, whichever is less 

Which Companies Provide Crop Insurance? 

You can apply for crop insurance under the official website of PM Fasal Bima Yojana. At the same time, you can buy crop insurance scheme from the insurance companies mentioned here. 

Best Agricultural Insurance Company 

  • Reliance General Insurance Company Limited 

  • Bajaj Allianz 

  • Future General India Insurance Company Limited 

  • HDFC ERGO General Insurance Company Limited 

  • IFFCO Tokio General Insurance Company Limited 

  • Universal Sompo General Insurance Company 

  • ICICI Lombard General Insurance Company Limited 

  • Tata AIG General Insurance Company Limited 

  • SBI General Insurance 

  • United India Insurance Company 

Share your comments

Subscribe to our Newsletter. You choose the topics of your interest and we'll send you handpicked news and latest updates based on your choice.

Subscribe Newsletters