evidence: PMFBY on way to become world’s largest crop insurance scheme, as around 5 crore farmer applications are being received under the scheme every year Farmers received Rs 1,25,662 crores so far against the premium of Rs 25,186 crores paid in the last 6 years [...] Pradhan Mantri Fasal Bima Yojana (PMFBY) is the third largest crop insurance scheme in the World and tipped to become number one in coming years as around 5 crore farmer applications are being received under the scheme every year. The acceptability of the scheme has increased amongst the farmers in the last 6 years, with share of non-loanee farmers, marginalized farmers and small farmers increasing by 282% since the initiation of the scheme in 2016.