PMBSY insurance scheme renews from June 1st

Many farmers would have of late received the SMS message saying – “Dear customer, your PM Jeevan Jyoti Bima Yojana or Suraksha Bima Yojana will be renewed on 1 June”.

The renewal date for social security schemes linked with insurance as announced by the government in 2015 Budget, for the Pradhan Mantri Suraksha Bima Yojana (PMSBY) and Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) is falling on June 1. The cover is for a one-year term, starting from June 1 to May 31 of subsequent year. The choice to renew/pay by auto debit has to be provided by May 31st of every year. Subscribers who wish to avail the insurance after the first year need to give their consent for auto debit before May 31st for successive years.

If the Pradhan Mantri Fasal Bima Yojana scheme is to be availed of, the last date for Kharif crop insurance is July 31, 2020. Farmers who simply seek a loan without an insurance facility must notify their bank branch in writing 7 days before the closing date. Farmers can apply for crop insurance on CSC, bank, agent or insurance portal.

Through Prime Minister’s Crop Insurance Scheme (Pradhan Mantri Fasal Bima Yojana), crop loss due to premature rainfall or excessive rainfall will be compensated. Due to the sudden change in climate, the hard earned money of many farmers is wasted. To address the same issue of farmers, the Modi government launched Pradhan Mantri Fasal Bima Yojana on 13 January 2016. Under the scheme, hail, land loss, water logging, cloud burst, and natural fire are compensated if the farm is destroyed.