27% Increase in Number of Farmers Covered by PM’s Crop Insurance Scheme in 2023-24

The Ministry of Agriculture & Farmers Welfare announced a 27% increase in farmers enrolled in the PMFBY scheme for the financial year 2023-24, totaling 56.8 crore. Over the past 8 years, Rs 31,139 crore was paid as premium with Rs 1,55,977 crore in claims being distributed to farmers.

The scheme’s success is credited to the government’s efforts in increasing coverage annually. PMFBY aims to stabilize farmers’ income during crop damage due to natural calamities, with 42% of farmers insured in FY 2023-24 being non-loanee farmers.

Launched in 2016, PMFBY is the third-largest insurance scheme globally in terms of premium. The Ministry of Agriculture & Family Welfare is employing innovative technologies to ensure timely settlement of claims and effective communication among stakeholders.

“Due to efforts made by the Government, coverage under the scheme has been increasing year-on-year and farmers are subscribing to the scheme voluntarily rather than because of subscription of bank loans,” the ministry stated. Farmers have received about Rs 500 as claims for every Rs 100 of premium paid.