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. It was formulated in line with One Nation-One Scheme theme by replacing earlier two schemes National Agricultural Insurance Scheme NAIS and Modified National Agricultural Insurance Scheme MNAIS 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 claims for the full insured sum.PMFBY aims to provide a comprehensive insurance cover against the failure of the crop thus helping in stabilizing 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 the requisite number of Crop Cutting Experiments (CCEs) are being conducted under General Crop Estimation Survey (GCES). The scheme is implemented by impaneled general insurance companies.
By- Shyamala Subarna