Farmers are still unaware of the details of the Pradhan Mantri Fasal Bhima Yojana (PMFBY) even as the Government and insurers are trying to increasing the penetration in the non-loanee segment, said a climate risk management firm WRMS.
However in many states, high satisfaction is seen among the enrolled farmers and reasons for the same were proper implementation in terms of assistance to farmers and involvement of insurance company and high percentage of insured farmers receiving payout, it said.
The PMFBY is the most important tool today to insure agriculture against climate and other risks. The scheme which is an improvement over the previous agriculture insurance schemes not only provides subsidised insurance to the loanee farmers but also avails it to the non-loanee farmers.