We’ll tell you about a bold plan the Indian government is implementing today. Pradhan Mantri Fasal Bima Yojana is the name of the programme. Farmers that lose crops to storms or rain are compensated under the plan. There are a lot of farmers in the nation who are less financially secure. As a result, a large number of farmers in the nation rely on loans to operate their farms. While this is happening, their crop suffers damage from a storm, strong rain, or any other natural disaster. The farmers in this circumstance suffer from a mountain of tragedies. They also have a heavier burden of debt as a result of this. In response to this issue facing farmers, the Indian government launched the Pradhan Mantri Fasal Bima Yojana. Tell us more about this ambitious project of the Indian government in this episode.
Compensation is granted for crops devastated by rain or any other natural disaster under the Pradhan Mantri Fasal Bima Yojana. Farmers must pay a very small premium to participate in this program.
They will be required to pay a premium in this amount equal to 2% of the insured sum for Kharif crops and 1% of the insured sum for Rabi crops. In contrast, a premium equal to 5% of the amount insured must be paid for commercial and horticultural crops. Under this plan, the claim ratio is 88.3 percent.
To submit an application for the Pradhan Mantri Fasal Bima Yojana, go to https://pmfby.gov.in/, the Indian government’s official website. Select the option to “Apply as a Farmer” after that.
After finishing this procedure, carefully fill out the application. After completing the form, select “submit.” You will now receive a code. In the future, the claim settlement process will require this code.
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