What is the Full Form of PMFBY – Objectives, Features and Benefits

PMFBY Full Form

The full form of PMFBY is Pradhan Mantri Fasal Bima Yojana. PMFBY is a social welfare scheme that provides financial support to farmers suffering crop loss or damage due to unforeseen circumstances. The scheme also encourages farmers to adopt modern and innovative agricultural practices. PMFBY was launched in India by the Ministry of Agriculture & Farmers welfare.

Objectives of PMFBY

The objectives of PMFBY are to:

• Provide financial support to farmers affected by crop damage
• Ensure constant flow of credit to the agriculture sector
• Stabilise the income of  farmers to encourage them to continue with farming
• Encourage farmers to adopt and implement modern agricultural practices

Also Read

What is the Full Form of PMJJBY – Features, Benefits and Eligibility

What is the Full Form of NSAP – Schemes, Features and Benefits

Features and Benefits of PMFBY

• All farmers sanctioned under Seasonal Agricultural Operations (SAO) loans are covered under the scheme
• Coverage of crops include food crops (Cereals, Millets and Pulses), oilseeds, annual commercial/annual horticultural crops
• Losses arising out of war and nuclear risks, malicious damage and other preventable risks are excluded
• The maximum premium payable by farmers is 2% for all food and oilseeds crops grown in the kharif (summer) season, 1.5% for same crops grown in rabi (winter) season and 5% for commercial and horticulture crops
• The difference between premium and the rate of Insurance charges payable by farmers shall be shared equally by the Centre and State

Final Word

PMFBY (full form – Pradhan Mantri Fasal Bima Yojana) aims to provide a financial cushion for farmers during unforeseen circumstances, like crop loss. However, not all states provide the PMFBY facility.