Pradhan Mantri Fasal Bima Yojana

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Pradhan Mantri Fasal Bima Yojana
Country	India
Prime Minister(s)	Narendra Modi
Ministry	Ministry of Agriculture and Farmers Welfare
Launched	18 February 2016; 8 years ago (2016-02-18)
Status	Active
Website	https://pmfby.gov.in

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The Pradhan Mantri fasal bima yojana (PMFBY) launched on 18 February 2016 by Prime Minister Narendra Modi is an insurance service for farmers for their yields.^[1] It was formulated in line with One Nation–One Scheme theme by replacing earlier two schemes Agricultural insurance in India#National Agriculture Insurance Scheme and Modified National Agricultural Insurance Scheme by incorporating their best features and removing their inherent drawbacks (shortcomings). It aims to reduce the premium burden on farmers and ensure early settlement of crop assurance claim for the full insured sum.

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. 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 are being conducted under General Crop Estimation Survey. The scheme is implemented by empanelled general insurance companies. Selection of Implementing Agency is done by the concerned State Government through bidding. The scheme was earlier compulsory for loanee farmers availing crop loan /KCC^{[clarification needed]} account for notified crops and voluntary for other others, but has been made voluntary since 2020 when reforms in the scheme were introduced.^[2] The scheme is being administered by Ministry of Agriculture and Farmers Welfare.