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Key Points

The PMFBY has insured 78.41 crore farmers since 2016, paying Rs 1.83 lakh crore in claims. Enrollment rose by 32% in 2024-25, reflecting growing trust in the scheme. It covers the entire crop cycle, protecting farmers from natural disasters. The government’s premium-sharing model has made it more accessible, especially for small farmers.

Key Points: PMFBY Covers 78.41 Crore Farmers with Rs 1.83 Lakh Crore Claims Paid

  • PMFBY enrollment surged by 32% to 4.19 crore farmers in 2024-25
  • Non-loanee applications rose from 20 lakh to 522 lakh since 2014-15
  • Scheme covers pre-sowing to post-harvest losses from natural calamities
  • Govt shares premium costs, easing financial burden on farmers
2 min read

78.41 crore applications insured, Rs 1.83 lakh crore claims paid under PMFBY

PMFBY insures 78.41 crore farmers, pays Rs 1.83 lakh crore in claims since 2016, boosting agricultural risk coverage in India.

"PMFBY is now the largest crop insurance scheme globally in terms of farmer applications. – Government Report"

New Delhi, Aug 12

The Pradhan Mantri Fasal Bima Yojana (PMFBY) has achieved 78.41 crore applications being insured and Rs 1.83 lakh crore claims being paid since its launch in 2016, according to the latest government data.

Farmer enrollment rose by 32 per cent from 3.17 crore (2022–23) to 4.19 crore (2024–25) -- the highest since launch.

Non-loanee farmer applications grew from 20 lakh (2014–15) to 522 lakh (2024–25), reflecting wider adoption, according to the data.

Launched on February 18, 2016, PMFBY aims to provide farmers with a simple, affordable, and comprehensive crop insurance solution.

The scheme protects farmers from crop losses caused by non-preventable natural risks like droughts, floods, cyclones, hailstorms, pest attacks, and plant diseases.

PMFBY covers the entire crop cycle, from pre-sowing to post-harvest, including damage during storage if caused by a notified calamity. It offers timely financial support, helping farmers manage risks and avoid falling into debt.

As compared to erstwhile crop insurance schemes, coverage of farmer applications has increased from 371 lakh in 2014-15 to 1,510 lakh in 2024-25.

Witnessing the success and potential of the scheme, the Union Cabinet in January 2025 approved the continuation of Pradhan Mantri Fasal Bima Yojana and Restructured Weather Based Crop Insurance Scheme till 2025-26 with a total budget of Rs 69,515.71 crore.

Moreover, PMFBY is now the largest crop insurance scheme in the world in terms of farmer applications. In addition, several States have waived the farmer’s share of the premium, significantly reducing the financial burden on farmers and encouraging wider participation in the scheme.

Under the scheme, the maximum premium payable by the farmer will be 2 per cent for the Kharif food and oilseed crops. For rabi food and oilseeds crop, it is 1.5 per cent and for yearly commercial or horticultural crops, it will be 5 per cent.

The remaining part (95 per cent to 98.5 per cent) of the actuarial premium is borne jointly by the Central and state governments on 50:50 basis, except for North Eastern States (from Kharif 2020) and Himalayan States (from Kharif 2023) where it is shared in the ratio of 90:10.

- IANS

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Reader Comments

S
Shreya B
Good initiative but implementation needs improvement. Many small farmers in my village still don't understand the paperwork. Government should conduct more awareness camps in regional languages.
A
Arjun K
₹1.83 lakh crore claims paid is impressive! Shows the scheme is actually working on ground. Hope they expand coverage to more crops soon. Our farmers deserve this safety net after feeding the nation 🌾
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Priya S
The premium sharing model is excellent - only 2% from farmers and rest by govt. This makes it affordable for even marginal farmers. More states should waive the farmer's share completely 👏
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Vikram M
While the numbers look good, I've heard complaints about delayed payments in some districts. The government should ensure timely disbursement, especially during natural calamities when farmers need urgent help.
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Kavya N
The 32% increase in enrollment shows farmers are trusting the scheme. My father who was skeptical initially enrolled last year after seeing neighbors benefit. Digital India should make the process even simpler!
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Nikhil C
World's largest crop insurance scheme - makes me proud! But hope the funds reach actual farmers and not middlemen. Proper monitoring is crucial for such massive programs.

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