Port Blair, Dec. 20: Notification of Revamped Pradhan Mantri Fasal Bima Yojana (PMFBY) in Andaman & Nicobar Islands for Rabi-2022-23 season was circulated in which, details of notified area, coverage of risk, indemnity level, sum insured, premium rate, seasonality discipline, subsidy on premium etc. in respect of this UT were mentioned in the Notification dated 3rd June, 2021 and was uploaded in Andaman & Nicobar Administration website: www.andaman.gov.in for Kharif 2021 & Rabi 2022-23.
The PMFBY scheme aims at supporting sustainable production in agriculture sector by way of:
Providing financial support to farmers suffering crop loss/damage arising out of unforeseen events.
Stabilizing the income of farmers to ensure their continuance in farming.
Encouraging farmers to adopt innovative and modern agriculture practices.
Ensuring flow of credit to the agriculture sector which will contribute to food security, crop diversification and enhancing growth and competitiveness of agriculture sector besides protecting farmers from production risks.
Calculation of sum Insured in respect of notified crops during Kharif will be based on the scale of finance.
The premium rates as offered by the company for the notified crops (Paddy) Kharif season has been approved by the A&N Administration.
The seasonality discipline: Cut-off date for receipt of Proposals/enrollment of farmers (Loanee and non-loanee) under this Rabi’ 2022-23 scheme is 15th January, 2023.
Consolidated declaration of both loanee and non-loanee farmers from Bank branches (CBs/RRBs) to respective insurance companies and DCCBs for PACs within 15 days for loanee farmers and 7 days for non-loanee farmers after cut-off date.
Uploading of soft copy of the details of individual insured farmers by commercial banks/RRBs/PACS/Intermediaries within 15 days after cut-off date for collection of premium from farmers.
Yield data harvest within 20 days from final harvest.
Cutoff date for Processing, Approval and Payment of Final Claims based on yield data is three weeks from receipt of yield data.
Normal sowing & harvesting period of crops under Rabi’ 2022-23 season is Sowing from 1st Oct – 15 Jan and Harvesting from 15th January – 15th April.
All farmers (loanee or non-loanee) enrolled under PMFBY will have to pay maximum 1.5% of sum insured or actuarial premium rate whichever is lower for Pulses and also 5% of sum insured or actuarial premium rate whichever is lower for horticulture crops for all vegetables under Rabi’ 2022-23 season. The difference between actuarial premium rate and the rate of insurance charges payable by farmer shall be treated as Rate of normal premium subsidy, which shall be shared equally by the State Government and Central Government in the ratio of 50:50. (As per revised operational guidelines of PMFBY, farmer’s premium share will be 1.5 % & 5% for Rabi’2022-23 seasons. As decided by SLCCCI of A&N Islands in its meeting held on 11.04.2022, the farmers will pay the premium rates only @ 0.5% of the Sum insured for all the notified crops for their enrollment under PMFBY which will be collected by the Nodal banks of these islands and the remaining premium share amount out of 1.5 % & 5% (i.e. 1.0 % & 4.5% of Farmer’s premium ) will be borne by this UT. Similarly, as the maximum farmers premium by default is 1.5% out of premium rate 5% of SI for Pulses and the farmers’ premium to be borne by the farmers is 0.5%, so the U.T A & N Administration have to bear the balance 1%. Hence, the Central shares of the subsidy should be 1.75% ((5-1.5)/2), State shares of subsidy will be 2.75% (1.75+1) and also 5% out of premium rate 15% of SI for all vegetables and the farmers’ premium to be borne by the farmers is 0.5%, so the U.T A & N Administration have to bear the balance 4.5%. Hence, the Central shares of the subsidy should be 5% ((15-5)/2), State shares of subsidy will be 9.5% (5+4.5).