- PMFBY has insured 78.41 crore applications and paid Rs 1.83 lakh crore in claims since 2016.
- Farmer enrollment increased by 32% from 3.17 crore in 2022-23 to 4.19 crore in 2024-25, the highest since launch.
- Government continues strong support with Rs 69,515.71 crore budget and premium subsidies to make it easier for farmers to join.
Since it started in 2016, the Pradhan Mantri Fasal Bima Yojana (PMFBY) has become an important crop insurance scheme for Indian farmers. With 78.41 crore insured applications and Rs 1.83 lakh crore claims paid, PMFBY offers wide protection against crop losses caused by natural disasters. This article looks at the impact, growth, coverage, and financial setup of PMFBY, showing how it helps farmers across India.
How PMFBY Helps Indian Farmers
PMFBY has grown a lot, giving financial security to millions of farmers. The scheme protects against losses from droughts, floods, cyclones, hailstorms, pest attacks, and plant diseases, covering the whole crop cycle from before sowing to after harvest, including storage damage caused by notified calamities.
Growth in Farmer Enrollment and Applications
More and more farmers are joining PMFBY. Enrollment went up by 32% from 3.17 crore in 2022-23 to 4.19 crore in 2024-25, the highest since the scheme began. Non-loanee farmer applications jumped from 20 lakh in 2014-15 to 522 lakh in 2024-25, showing wider use and trust in the scheme.
Coverage and Benefits of PMFBY
PMFBY offers wide coverage, protecting farmers throughout the crop cycle. It covers losses due to natural risks that can’t be prevented and gives timely financial help to support farmers in managing risks and avoiding debt. Compared to earlier crop insurance schemes, PMFBY has increased coverage from 371 lakh farmer applications in 2014-15 to 1,510 lakh in 2024-25.
Financial Setup and Premium Details
Knowing about premium costs and government subsidies is key to understanding PMFBY’s success. Farmers pay a maximum premium of 2% for Kharif food and oilseed crops, 1.5% for Rabi food and oilseed crops, and 5% for annual commercial or horticultural crops. The rest of the actuarial premium, ranging from 95% to 98.5%, is shared equally by the Central and State governments, except in North Eastern and Himalayan States where the ratio is 90:10.
Government Support and Scheme Continuation
Seeing PMFBY’s impact, the Union Cabinet approved its continuation along with the Restructured Weather Based Crop Insurance Scheme till 2025-26, with a budget of Rs 69,515.71 crore. Several states have waived farmers’ premium shares, lowering financial burdens and encouraging more participation. This strong government support keeps PMFBY as the world’s largest crop insurance scheme by farmer applications.
| Aspect | Details |
|---|---|
| Total Insured Applications | 78.41 crore |
| Total Claims Paid | Rs 1.83 lakh crore |
| Farmer Enrollment (2024-25) | 4.19 crore |
| Maximum Farmer Premium Rates | 2% (Kharif food & oilseed), 1.5% (Rabi food & oilseed), 5% (commercial/horticultural) |
| Government Budget Allocation (2025-26) | Rs 69,515.71 crore |
| Official Website | https://pmfby.gov.in |
If you are a farmer or work in agriculture, staying updated about PMFBY can help you protect your crops against unpredictable natural risks. Visit the official PMFBY website for detailed information and to apply for coverage.