The Pradhan Mantri Fasal Bima Yojana (PMFBY) is a key reform in India?s agricultural risk management system, providing insurance coverage against crop losses due to natural calamities, pests, and diseases. With low premium rates and wide coverage, the scheme aims to stabilize farmers? income, promote improved practices, and enhance food security. It has expanded significantly, covering millions of farmers and utilizing technologies such as digital platforms and direct benefit transfer for efficient implementation. Evidence indicate that PMFBY has helped reduce income variability and improve farmers? resilience to climate risks. However, issues like delays in claim settlement, declining participation in some regions, and limited farmer awareness continue to affect its performance. Strengthening coordination, transparency, and awareness is essential for improving its effectiveness.