PM Fasal Bima Yojana Reports 33.4% Growth In Farmer Applications

New Delhi, Mar 6 (KNN) The Pradhan Mantri Fasal Bima Yojana (PMFBY) has witnessed a notable uptick in farmer participation, with a 27 per cent increase in enrolment during the fiscal year 2023-24.

This surge adds to the scheme's already impressive track record, which has seen a consistent rise in farmer applications year-on-year.

Over the past eight years of PMFBY implementation, a staggering 56.80 crore farmer applications have been enrolled, reflecting the program's popularity among agricultural stakeholders.

Moreover, the scheme has facilitated over 23.22 crore farmer applicants in receiving claims, demonstrating its effectiveness in providing financial assistance during times of crop loss or damage.

In terms of financial contributions, farmers have collectively paid nearly Rs 31,139 crore as their share of premiums. In return, claims exceeding Rs 1,55,977 crore have been disbursed, translating to a remarkable ratio of approximately Rs 500 in claims for every Rs 100 in premiums paid.

Launched in 2016, the PM Fasal Bima Yojana stands as the third-largest insurance scheme globally in terms of premium. Its primary objective remains to shield farmers from unforeseen events leading to crop loss or damage.

Additionally, the scheme plays a pivotal role in stabilising farmers' income, particularly during seasons or years affected by natural calamities.

(KNN Bureau)