Crop Insurance
Crop insurance is a type of insurance policy designed to protect farmers against financial losses resulting from crop damage or failure. It provides coverage for various risks such as adverse weather conditions (like drought, floods, or storms), pests, diseases, and other factors that can lead to reduced crop yields or complete crop loss. In the event of such losses, crop insurance compensates farmers for their incurred financial losses, helping them to mitigate the risks associated with farming and ensuring their financial stability.
Pradhan Mantri Fasal Bima Yojna
The Pradhan Mantri Fasal Bima Yojna is a crop insurance initiative backed by the Government of India, introduced in 2016. Its primary objective is to extend financial support to farmers in instances of crop damage or loss. This initiative alleviates the stress experienced by farmers and fosters their motivation to persist in agriculture as their livelihood.
The Pradhan Mantri Fasal Bima Yojna encompasses various risks, such as the inability to sow or plant seeds, as well as damage to standing crops caused by unavoidable factors like drought, flood, and landslides. Additionally, it provides coverage for post-harvest losses. This policy is available for purchase through designated insurance companies like SBI General Insurance and HDFC Ergo General Insurance.
Crop Insurance Cover
Localised calamities: It covers localised calamities and risks like hailstorm, landslide affecting isolated farms in the notified area.
Sowing/Planting/Germination risk: Any problem in planting or sowing because of deficit rainfall or adverse seasonal conditions.
Standing crop loss: Comprehensive risk insurance to cover yield losses because of non-preventable risks, such as dry spells, flood, hailstorm, cyclone, typhoon.
Post-harvest losses: It covers losses for up to a maximum period of two weeks from harvesting
Benefits Of Crop Insurance
Risk Mitigation
Financial Stability
Encourages Investment
Supports Rural Economy
Food Security
Climate Resilience
