What are the different components of the Pradhan Mantri Fasal Bima Yojana scheme?

The Pradhan Mantri Fasal Bima Yojana scheme has two components, which provides coverage to the farmers (loanee & non-loanee):

• Compulsory component: All the loanee farmers are compulsorily covered and provided insurance as per the provisions mentioned in the scheme.

• Voluntary component: This component is optional for non-loanee farmers. The procedure to opt for this component is:
  1. The farmers willing to avail this benefit should approach the nearest bank / authorized channel partner of the insurance company before the mentioned cutoff date.
  2. They should fill-up the proposal form and provide the details of their saving bank account & land identification number with all the necessary documents.
  3. The farmers will need to submit this form along with the premium amount to the bank/ authorized channel partner of the insurance company.