fasal bima compulsory for loanee, kcc crop insurance opt out, voluntary scheme
Is PMFBY compulsory if I take a crop loan or KCC?
MMohan Rathod6mo ago · 175 views
4 Answers
🌾Farmer.in Krishi TeamExpert ✓6mo ago
PMFBY is voluntary for all farmers now, including those with a crop loan or KCC. Earlier it was compulsory for loanee farmers, but the rules were changed so that even loan account holders can choose not to enrol. If you have a KCC and do not want the crop insurance, you must submit a written opt-out declaration to your bank branch, usually a few days before the enrolment cut-off date for that season. If you do nothing, the bank may auto-debit the premium and enrol you. So if you want it, just let the loan run; if you do not, give the opt-out form in time and keep a stamped copy.
SSukhdev Singh5mo ago
Maine KCC liya hua hai par crop insurance nahi chahiye tha. Main time se pehle bank me likhit opt-out form de aaya, ek copy stamp karwa ke apne paas rakh li. Bank ne premium nahi kaata us season me.
NNandini Patil5mo ago
The mistake I made was assuming that because it is voluntary now, the bank would not enrol me automatically. It still auto-debited the premium because I never gave the opt-out in writing. So if you do not want it, the written declaration before the cut-off is not optional, it is the only way to stop the debit.
IIqbal Hussain5mo ago
Confirm the exact opt-out last date with your branch each season because it can differ from the enrolment date. I went a day late once and the premium had already been deducted. Keep the stamped copy of your form, it is your proof if there is any dispute about the deduction.