What is crop insurance?

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 What is crop insurance?
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Farmers are the backbone our country! Without
them, we would not have food on the table each
day. It is because of the crop that the farmer
grows that we have our daily dose of nutrition
and nourishment. But what happens if the farmers
crop fails? You and I will not have food, but the
farmer also losses his livelihood. Considering
that most farmers take loans to finance their all
operations, crop failure also means spiralling
into an abyss of debt.The solution crop
insurance Many of us insure our assets and the
things we hold dear. An insurance plan keeps
these things safe from financial losses that
might arise due to the occurrence of an
unfortunate event. For instance, car insurance
keeps you safe from the financial loss of an
accident, theft and numerous perils that can
cause damages to your vehicle.
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Similarly, crop insurance insulates farmers from
the financial loss of a failed crop. This
compensation can help the farmer tide over his
debt (if any), cover his losses and ensures that
he can survive despite of his crop failure. The
answer PMFBY There have been several crop
insurance schemes in the past. However, the
latest one that has replaced all previous yield
insurance schemes in India is thePradhanMantriFasa
lBhimaYojana or PMFBY. It is a crop insurance
scheme that was launched back in 2016 and unlike
previous crop insurance schemes PMFBY extended
its cover to localized risks, post-harvest
losses, and so on!
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Objective of PMFBY The PradhanMantriFasal Bima
Yojana (PMFBY) crop insurance scheme operates
with an aim tosupport sustainable production in
the agricultural sector. It hopes to achieve this
by-Financially supporting farmers in case of
crop loss or damage due to unforeseen
events -Ensuring income stability of farmers in
India and securing their continuance in
farming -Encouraging the adoption of innovative
and modern agricultural practices amongst
farmers -Safeguardingcredit flow in the
agriculture sectorand thereby contributing to
crop diversification, food security,growthenhancem
ent,and competitiveness in the agriculture
sector. PMFBY what does it cover?
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The PradhanMantriFasalBhimaYojana covers all
cereals, pulses, millets and oilseed crops grown
in both Khariff and Rabi seasons. This yield
insurance scheme protects farmers from various
perils at every stage of the crop cycle, these
include Prevented sowing or planting risk
Farmers are covered in the event wherein the
insured area is prevented from sowing or planting
due to deficit rainfall or other such adverse
seasonal conditions.
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Standing Crop (from sowing to harvest) PMFBY
provides comprehensive protection against yield
losses due to non- preventable risks such
aspestsanddiseases, dry spells, droughts,
flooding, inundation, landslides, natural fire
and storms, lightning strikes, cyclones hail,
hurricanes,typhoons, tempests and
tornados. Post-harvesting losses The yield can
be lost even after harvesting. This is because
some crops needs to stored and dried before they
can be moved ahead. Keeping this in mind, PMFBY
also provides coverage up to a maximum period of
two weeks after harvesting for crops that need to
be dried in cut and spread condition post
harvesting. The PMFBY crop insurance scheme
protects such crops against cyclone and cyclonic
rains and unseasonal rains.
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Localized Calamities Lastly, the PMFBY scheme
also protects farmers interest against loss or
damage that results from identified localized
risks of landslide, hailstorm, and inundation
that affects isolated farms in the notified
area. Hope this has been helpful, good luck and
all the best!
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