Pradhan Mantri Fasal Bima Yojana PMFBY
 |
PRADHAN MANTRI FASAL BIMA YOJANA (PMFBY) |
The Union Cabinet on 13 th January approved
the launch of Pradhan Mantri Fasal Bima
Yojana in which the premium rates to be paid by the
farmers have been brought down substantially so as to enable more farmers avail
insurance cover against crop loss on account of natural calamities. The scheme
will come into effect from the upcoming kharif
season.
OBJECTIVES:
1
To provide insurance coverage and financial support to the farmers in
the event of failure of any of the notified crop as a result of natural
calamities, pests & diseases.
2
To stabilise the income of farmers to ensure their continuance in
farming.
3
To encourage farmers to adopt innovative and modern agricultural
practices.
4
To ensure flow of credit to the agriculture sector.
Under the new scheme, farmers will
have to pay a uniform premium of 2 per cent for all kharif crops and 1.5 per cent for all rabi crops. For annual commercial and horticultural crops,
farmers will have to pay a premium of 5 per cent. The remaining share of the premium, as in previous
schemes, will continue to be borne equally by the Centre and the respective
state governments.
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