PARDHAN MANTRI FASAL BIMA YOJNA(PMFBY)
By Sandeep nagyaan · 15 Sep 2018
Pradhan Mantri Fasal Bima Yojana is a new crop insurance scheme that was announced by the Government on 13th January 2016.The Prime Minister's Crop Insurance Scheme will reduce the loss of farmers' crops due to natural calamities, by reducing the premiums of the farmers to a limit.
Budget of this scheme:- 8,800 crore rupees will be spent for this scheme. Under the Prime Minister's Crop Insurance Scheme, farmers will pay a premium of 2% premium for the kharif crop and 1.5% premium for Rabi crop, fixed by insurance companies.
features of the scheme:- (1) Crop Insurance Scheme has been kept very low for the convenience of the farmers so that farmers of all levels can easily take advantage of crop insurance. (2) all types of crops (Rabi, Kharif, Commercial and Horticulture crops) have been included. 2% premium will be paid for the crops of kharif (paddy or rice, maize, jowar, bajra, sugarcane etc.). 1.5% premium will be paid for Rabi (wheat, barley, gram, lentils, mustard etc.) crop. 5% premium will be paid for annual commercial and horticultural crops. (3) There is no upper limit on government subsidy. If the remaining premium is 90% then it will be borne by the government. (4) The remaining premium insurance companies will be given by the government. This will be divided equally between the state and central government. (5) Man-made disasters; Fire, burglary, denting etc. are not included under this scheme. (6) This scheme replaces the National Agricultural Insurance Scheme (NAIS) and the Revised National Agriculture Insurance Scheme (MNAIS). (7) Prime Minister's Crop Scheme, the government has spent a whopping 8,800 crores as well as 50% of the farmers are covered.