The central government gives farmers a chance to compensate for crop loss under PM Crop Insurance Scheme (PMFBY). In this scheme, both Rabi and Kharif crops can be insured at very low premium. The special thing is that farmers have to pay only 2% premium, while the remaining amount is borne by the government.
How did the farmer get benefit?
Shreyas Tukaram, an onion producer of Maharashtra, insured the 5 -acre onion crop. Last year, his crop was damaged due to unexpected rains, but he received a compensation of Rs 60,000 under the PM Crop Insurance Scheme. Shreyas Tukaram said that although the amount was not enough for complete compensation of the loss, the cost of sowing came out and the huge deficit was defended.
Growing plan in Maharashtra
The scope of PM Crop Insurance Scheme in Maharashtra is increasing rapidly.
Only 45,000 hectares of crop was insured in 2019-20, while in 2024-25 it increased to 7.43 lakh hectare.
The trust of farmers has increased due to the government charging a nominal premium.
Since 2023, farmers in Maharashtra have to pay a premium of only 1 rupee.
Maharashtra: At the forefront of onion production
More than 34% of onion production in the country is produced in Maharashtra.
Nashik Division is a major onion producing area.
Excessive rains in 4 of the last 5 seasons damaged the farmers.
In 2023, both Kharif and Rabi crops were affected due to heavy rains.
In this situation, farmers got the most relief from crop insurance.
How to take advantage of PM crop insurance scheme?
Online application:
Go to the official website of PMFBY: https://pmfby.gov.in
Upload the required documents and apply.
Offline application:
Apply by visiting the nearest bank, Co-operative Society or Common Service Center (CSC).
It is necessary to apply within 10 days of crop sowing.
Insurance premium rates
- For Kharif crops: 2%
- For rabi crops: 1.5%
- For commercial and horticulture crops: maximum 5%
The rest of the insurance amount is given by the state and central government. The scheme was launched from the 2016 kharif season and has given financial security to many farmers till now.
