New Delhi: Today marks the fifth anniversary of the implementation of the Pradhan Mantri Fazal Bima Yojana by the Central Government. PMFB is one of the most popular schemes implemented by the Central Government.
More than 5.5 crore farmers apply for the scheme every year. Prior to the implementation of the scheme, farmers received an average compensation of Rs 15,100 per hectare. However, through PMFB, farmers get compensation of Rs 40,700 per hectare. So far, more than Rs 90,000 crore has been paid as claim.
Technologies such as mobile app for insurance, satellite imagery to determine crop loss, drone and artificial intelligence are being used to implement the project. Another feature of the scheme is that it covers individual crop losses due to local natural calamities and post-harvest losses.