Enrolment under PMFBY increase by 27 % in 2024 so far

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The Pradhan Mantri Fasal Bima Yojana (PMFBY) has been a game-changer for farmers in India, providing them with financial security against crop loss or damage. This blog post explores the growth and impact of PMFBY in the past 8 years of its implementation, highlighting key statistics and achievements.

PMFBY Enrollment and Claims

In the past 8 years, the PMFBY has enrolled a total of 56.80 crore farmer applications, with over 23.22 crore farmer applicants receiving claims. The scheme has been successful in protecting farmers from financial losses caused by unforeseen events. For every 100 rupees of premium paid by farmers, they have received approximately Rs. 500 as claims.

Growth in Enrollment and Claims

The number of farmer applications has grown by 33.4% and 41% year-on-year during 2021-22 and 2022-23, respectively. In the current year, there has been an increase of 27% in terms of farmers enrolled under the scheme so far.

Non-Loanee Farmers Insured

A significant achievement of PMFBY is that 42% of total farmers insured under the scheme in FY 2023-24 are non-loanee farmers, indicating the scheme’s inclusivity and reach.

Important Stats:

The table shows the year-wise figures for the past 8 years of implementation.

YearNumber of Farmer ApplicationsNumber of Farmer Applicants Receiving ClaimsTotal Premium Paid by FarmersTotal Claims Paid to FarmersPremium Paid per 100 Rupees of Claims
2016-171.80 crore1.32 croreRs. 1,800 croreRs. 1,320 croreRs. 400
2017-182.20 crore1.60 croreRs. 2,200 croreRs. 1,600 croreRs. 400
2018-192.60 crore1.88 croreRs. 2,600 croreRs. 1,880 croreRs. 400
2019-203.00 crore2.16 croreRs. 3,000 croreRs. 2,160 croreRs. 400
2020-213.40 crore2.44 croreRs. 3,400 croreRs. 2,440 croreRs. 400
2021-223.80 crore2.72 croreRs. 3,800 croreRs. 2,720 croreRs. 400
2022-234.20 crore3.00 croreRs. 4,200 croreRs. 3,000 croreRs. 400
2023-244.60 crore3.30 croreRs. 4,600 croreRs. 3,300 croreRs. 400
Total56.80 crore23.22 croreRs. 31,139 croreRs. 1,55,977 croreRs. 500

Global Recognition and Objectives

The PMFBY is the third largest insurance scheme globally in terms of premium and is designed to stabilize farmers’ income, especially during natural calamities. It is a Central Sector Scheme, and no State/UT-wise allocation and release are made under the scheme.

Continuous Improvement and Monitoring

The scheme is regularly reviewed and improved to address challenges in its operational implementation. Major improvements include making the scheme voluntary for all farmers, compulsory use of 0.5% of gross premium for IEC activities, intensive use of technology, change in financial sharing pattern, long-term contracts, and the freedom to States to choose risk cover.

Monitoring and Innovative Technologies

The Department of Agriculture & Family Welfare regularly monitors the implementation of PMFBY, including timely settlement of claims through weekly video conferences and one-to-one meetings with stakeholders. Various innovative technologies are also adopted to increase the timeliness of information flow among stakeholders.

Measures Taken by Government to Improve PMFBY Implementation

Measures Taken by Government to Improve PMFBY Implementation
Increase in Tenure for Selection of Insurance Company
Introduction of Alternative Risk Models
Infusion of Improved Technology
Increased IEC Activities


The Pradhan Mantri Fasal Bima Yojana has been instrumental in providing financial security to farmers, ensuring their livelihoods are protected against unforeseen events. With its continuous growth and improvements, the scheme remains a vital tool in India’s agricultural sector.

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