Dr. Nirmaljit Singh Dhaliwal
Associate Director
Dr. Karamjit Sharma
Professor, Ext. Edu.

Krishi Vigyan Kendra, Goneana
Sri Muktsar Sahib

Punjab Agricultural University
Ludhiana (141004)



The PMFBY has been approved on 13 January, 2016 by Union Cabinet of India with the aim: 

- To provide insurance coverage and financial support to the farmers in case of failure     of notified crop due to national calamites, pests & diseases.

- To ensure the stabilized income of the farmer. 

- To motivate farmer for adoption of innovative and modern agricultural practices.

- To ensure better flow of credit in agricultural sector.

    PMFBY is comparatively better policy as compared to other policies. The government contribution is also better than already implemented crop insurance. As a result the farmers will have to pay lesser premium rate. The rate of Insurance Charges payable by the farmer will be as per the following:




Maximum Insurance charges payable by farmer

(% of Sum Insured)



All cereals, millets, oilseeds & pulses

2.0% of Sum Insured



All cereals, millets, oilseeds & pulses

1.5% of Sum Insured


Kharif & Rabi

Annual Commercial/Annual Horticultural crops

5% of Sum Insured

The difference between premium rate and the rate of Insurance charges payable by farmers shall be treated as Rate of Normal Premium Subsidy, which shall be shared equally by the Centre and State. 

With the introduction of the PMFBY approximately 30% of gross cropped area will be covered in 2016-17. The union government has provided Rs 5500 crores fund in the budget estimate of 2016-17 for implementation of this Yojana. 

The list of key persons of implementing agencies (Insurance Companies) under the overall guidance & control of the Department of Agriculture, Cooperation & Farmers Welfare (DAC&FW), Ministry of Agriculture & Farmers Welfare (MoA&FW),Government of India (GOI) is as follow:

List of key persons in Insurance Companies


Company Name

Email ID

Tel Nos.(Mobile and Office/Fax)



46869813/15 (F)

46869800/822 (Reception)

Shri M.K Poddar (9971284084)

Shri A. Ghosh, (9999913402)

Shri S.S. Saxena (7838333237)

Shri Rajeev Chaudhary (9958178844)



Shri Umesh Mongia




Mrs. Nivedita Mandal


Ms,Priya Sampath Kumar  




Sh. Kunal Soni


0124-2577923/24/55 (Fax)


Chola MS

Shri Nitin Gupta (9711979814)

Ms. Geetika Kaushal (9716936530)



Shri Ajay.K.Singh (8860275533)


Future Generali

Ms. Charu Trehan  (9899363952)

Shri Saurabh Srivastava (8860275533)


Reliance GIC

Shri Apoorva Tatia (9022951984)

Shri  Vivek Dhruga (9310170067)


Bajaj Allianz

Ashish.Agrawal01 9953826419



Shri Suresh Kumar- National Manager

Product Development  (8879634536)

Ms Chinu Malhotra 8588805974

Sr. Executive


Universal Sompo

Sh. Shalab Srivastava, Branch Manager 9015161027

The list of state coordinator of Insurance Company related to Punjab state is as follow:


Head quarters

Name of the Official

Mobile Number

Email Address

IFFCO-Tokio  General Insurance Company Ltd.



Simaranjeet Singh




Virender Arya




Pankaj Katoch


State Bank of India General Insurance Company Ltd.




Universal Sompo General Insurance  Company Ltd.



Gagandeep Singh




Amritpal Singh




Gurjinder Singh Jaura




Rashpal Singh



All the farmers   who have Crop Loan account/ KCC account (called as Loanee Farmers) will be compulsory covered under this policy. The farmers whose credit limit not renewed and other farmers can avail voluntary coverage under this policy.


Following risks leading to crop losses due to non-preventable risks, covered under the scheme:-

(i)     Natural Fire / Lightning

(ii)    Storm/ Cyclone/Typhoon/ Tempest/ Hailstorm/Hurricane/ Tornado etc. (iii)   Drought/ Dry spells

(iv)   Flood / Landslide /Inundation 

(v)    Pests/Diseases etc.

In cases where majority of the insured farmers, have sown/planted and incurred expenditure which are prevented due to adverse weather conditions, shall be eligible for indemnity claims upto a maximum of 25% of the sum-insured.

Post-harvest losses of individual farm basis coverage is available upto a maximum period of 14 days from harvesting of those crops which are kept in “cut & spread” condition to dry within the field after harvesting, against specific perils of cyclone /cyclonic rains, unseasonal rains throughout the country.

Any loss/damage resulting from occurrence of identified localized risks i.e. hailstorm, landslide, and Inundation affecting isolated farms in the notified area is also covered on individual farm basis.


Losses due to war , kindred perils, nuclear risks, riots, malicious damage, theft, act of enmity, grazed and/or destroyed by domestic and/or wild animals will be excluded.  Post–Harvest losses i.e. harvested crop bundled and heaped at a place before threshing, will be excluded.


In case of Loanee farmers, the Sum Insured would be  equal to Scale of Finance for that  crop  as  fixed by  District  Level  Technical Committee (DLTC) which may extend up to the value of the threshold yield of the insured crop at the option of insured farmer. Where value of the threshold yield is lower than the Scale of Finance, higher amount shall be the Sum Insured. Multiplying the Threshold Yield with the Minimum Support Price (MSP) of the current year crop will be the value of Sum Insured. Wherever Current years MSP is not available, MSP of the previous year shall be taken.

Further, in case of Loanee farmers, the Insurance Charges payable by the farmers shall be financed by loan disbursing office of the Bank, and will be treated as additional component to the Scale of Finance for the purpose of obtaining loan.

For farmers covered on voluntary basis the sum-insured is upto the value of

Threshold yield i.e. threshold yield x (MSP or gate price) of the insured crop.


Crop Cutting Experiments (CCE) for all notified crop shall be undertaken at village level (4 for major crops,8 for other crops).

However, a Technical Advisory Committee (TAC) comprising representatives from Indian Agricultural Statistical Research Institute (IASRI), National Sample Survey Organization (NSSO), Ministry of Agriculture & Farmers Welfare (GoI) and implementing agencies shall dispose/ decide the issues relating to CCEs and all other technical matters.  Inputs  from RST/satellite imagery  would  also  be utilized in optimizing the sample size of CCEs.


Three levels of Indemnity, i.e.,70%, 80% and 90% corresponding to crop risk in the areas shall be available for all crops.

The Threshold Yield (TY) is the benchmark yield level at which Insurance     protection shall be given to all the insured farmers in an Insurance Unit.

The Threshold Yield for a crop in an Insurance Unit shall be based on average yield of last seven years excluding two years of declared calamity if any, multiplied by the level of indemnity of the area.







Loaning period (loan sanctioned)for Loanee farmers covered on

Compulsory basis.

April to July

October to December


Cut-off date for receipt of Proposals  of

Farmers (loanee & non-loanee).

31th July

31st December


Once  the Yield Data (within  a month from final harvest) is received from the State Government  as per the prescribed cut-off dates, claims will be processed, approved and settled by Insurance Agency.

If the “Actual Yield” (AY) per hectare of the insured crop for the defined area [on the basis of requisite number of Crop  Cutting Experiments (CCEs)] in the insured season, falls short of the specified threshold yield (TY), all the insured farmers growing that crop in the defined area are deemed to have suffered short fall in their yield.

Claim Pay-outs : Claim pay–outs based on Yield losses will be calculated as per the following formula:

Short Fall in Yield = (Threshold – Actual Yield)


The claim amount along with particulars will be released to the individual Nodal Bank. The Bank at the grass-root level, in turn, shall credit the amount of the individual farmers and display the particulars of farmer on their notice board.


PMFBY is exempted from service Tax liability of all the services involved in the implementation of the schem

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