PAYMENT OF COMPENSATION UNDER PRADHAN MANTRI FASAL BIMA YOJANA

PAYMENT OF COMPENSATION UNDER PRADHAN MANTRI FASAL BIMA YOJANA

Since its inception in 2016 till 2024-25, as on 30.06.2025, 78.407 Crore Farmer Applications have been insured under Pradhan Mantri Fasal Bima Yojana. Out of these applications, 22.667 Crore farmers received claims totalling to Rs. 1.83 lakh Crores for the same period.

Government has taken various steps to strengthen implementation of this scheme, bring transparency and ensure timely settlement of claims, such as:

 Both Public Sector and Private Insurance Companies have been involved to increase the coverage of farmers especially non-loanee farmers and to bring more competition in crop insurance sector so as to provide the best services to farmers at competitive rates. Due to increased competition, actuarial/bidded premium rates have also decreased.  As compared to erstwhile crop insurance schemes, coverage of farmer applications has increased from 371 lakhs in 2014-15 to 1510 lakhs in 2024-25.  Number of non-loanee farmer applications has also increased from 20 lakhs in 2014-15 to 522 lakhs in 2024-25.

This information was given by Minister of State for Agriculture and Farmers Welfare, Shri  Ramnath Thakur in a written reply in Rajya Sabha today.