PMFBY Update: Farmers Will Have to Do This Important Work by July 24 or They Will Be in Trouble

PMFBY: Farmers are currently engaged in sowing of Kharif crops. Besides sowing, they must also think of how to protect their crops from any natural calamity like flood or drought. For this, the Central Government launched Pradhan Mantri Fasal Bima Yojana. Under this scheme, farmers are given compensation for the crops damaged due to natural calamities so that they don’t face any economic loss.

You will have to inform the bank by 24 July 2021 whether you want to take the benefit of PM Fasal Bima Yojana or not. If you don't inform the bank till 24th July then you will not get the compensation for crop damage.  

Important Information for KCC Holders

If you are taking benefit of Kisan Credit Card but do not want to register for PM Fasal Bima Yojana, then you will have to give a written information to the bank by July 24. If you won’t do this, then the bank will automatically deduct the insurance premium from the KCC loan amount.

PMFBY: Voluntary Scheme

PM Fasal Bima Yojana is a voluntary scheme. Loanee farmers get insured automatically under this scheme by the concerned bank. And if they don’t want to take the advantage of this scheme, then they will have to inform the bank with the written document.

Actually, many farmers were appealing to make PMFBY voluntary, as they believed that they were being cheated by the insurance companies. Even after crop damage, they never got insurance claims on time. So as per the farmers’ demand, the government has made this scheme voluntary from Kharif 2020.

5.5 crore Farmers join PMFBY every year

Union Agricultural Minister Narendra Singh Tomar claims that even after making Pradhan Mantri Fasal Bima Yojana voluntary, more than 5.5 crore farmers are joining every year to get benefits of this scheme. Pradhan Mantri Fasal Bima Yojana has been started to reduce the risk of crop damage.

Click here to know more about this scheme

Note that the PMFBY was started at the National level, and farmers have paid the premium of about Rs. 19000 crore till December 2020. Moreover they have received about Rs. 90000 crore as claim amount.