Pradhan Mantri Fasal Bima Yojana ( PMFBY ) is the government sponsored crop insurance scheme that integrates multiple stakeholders on a single platform. PMFBY is a government-sponsored scheme that provides insurance coverage and financial support to farmers against crop loss due to natural calamities, pests and diseases. It has low premium rates, no upper limit on government subsidy, and uses technology to reduce claim settlement delays. Pradhan Mantri Fasal Bima Yojna (PMFBY) aims to provide a comprehensive insurance cover against failure of the crop thus helping in stabilising the income of the farmers. PMFBY aims to provide financial protection to farmers a gainst crop loss due to natural disasters (hail, drought, famine), pests, and diseases. PMFBY provides crop insurance at a cost-effective premium to all Indian farmers.
