Pradhan Mantri Fasal Bima Yojana (PMFBY)
PMFBY (launched 2016, replacing NAIS/MNAIS) is India’s flagship crop insurance scheme — the world’s largest by enrolments — covering all farmers (including sharecroppers and tenant farmers) growing notified crops, at capped farmer premiums of 2% (Kharif food/oilseed), 1.5% (Rabi food/oilseed), and 5% (commercial/horticultural), with the balance subsidised by Centre and states. Made voluntary for all farmers (including loanee farmers) from February 2020. Coverage spans prevented sowing, standing crop losses, post-harvest (up to 14 days), and localised calamities — with wild animal attacks and paddy inundation added as new add-on covers from Kharif 2026. Claims are area-based for standing crop (via Crop Cutting Experiments) and field-level for localised losses (72-hour reporting via app/Kisan Rakshak helpline 14447), paid via DBT. Key recent reforms: 12% per annum penalty on insurers for delayed claim payments (from Kharif 2024) and mandatory state escrow accounts for premium share deposits (from Kharif 2025) — both addressing historically poor claims timeliness. Total claims disbursed over the scheme’s life: over ₹1,72,000 crore against ₹34,500 crore in farmer premiums.