Pradhan Mantri Fasal Bima Yojana (PMFBY) 2026 offers crop insurance with premium rates of 2% for Kharif, 1.5% for Rabi and 5% for commercial crops

Key facts

• The Pradhan Mantri Fasal Bima Yojana (PMFBY) was launched by the Government of India under the Ministry of Agriculture and Farmers Welfare on 18 February 2016.
• PMFBY provides financial assistance to farmers when their crops suffer damage due to natural calamities, adverse weather conditions, pest attacks, or diseases.
• PMFBY aims to stabilise farmers' incomes and encourage them to adopt modern farming methods.
• Under PMFBY, farmers pay premium rates of only 2% for Kharif, 1.5% for Rabi, and 5% for commercial/horticultural crops.
• PMFBY covers yield loss, prevented sowing, post-harvest damage, and local calamities.
• Under PMFBY, the government pays the remaining premium amount even if the premium subsidy exceeds 90%.
• PMFBY uses drone and satellite mapping for fast and transparent damage assessment.
• A 12% penalty is automatically applied if PMFBY claim clearance is delayed.
• Claim amounts under PMFBY are transferred directly to farmers' Aadhaar-linked bank accounts through DBT.
• Farmers growing approved crops, khatedari farmers, tenant farmers with valid agreement papers, and families sharing agricultural land are eligible under PMFBY.
• Farmers can apply through the official PMFBY portal's Farmer Corner, loanee farmers can apply at their bank branch, and farmers can also enrol through Common Service Centres or authorised insurance company agents.