Why in the news?

• The Union Agriculture Ministry recognised the modalities for covering crop loss due to wild animal attacks and paddy inundation under the Pradhan Mantri Fasal Bima Yojana (PMFBY).

Pradhan Mantri Fasal Bima Yojana (PMFBY)

• Launch: 2016
• Aim: It aims to provide financial support to farmers in case of crop failure or damage due to natural calamities, pests, and diseases.
• Objective
  • To protect farmers against losses due to drought, flood, hailstorm, cyclone, frost, pests, and diseases.
  • To promote inclusive farmer welfare by offering affordable crop insurance coverage.
  • To enhance agricultural productivity and sustainability by reducing financial risks.
• Funding: Centrally Sponsored Scheme
• Features
  • Uniform premium rates capped at 2% of the sum insured for Kharif crops, 1.5% for Rabi crops, and 5% for commercial/horticultural crops.
  • Registration for the Rabi season 2025-26 began recently with wide outreach to farmers across states.
  • Digital techniques like e-Crop inspection (digital verification of fields) are used for efficient claims processing.
  • Service fee of ₹40 per farmer paid by the insurance company at Common Service Centers for facility provisioning; farmers bear no extra cost beyond premium.
  • Strict measures against fraud, including blacklisting for five years for false claims.