Indian History
No. Pradhan Mantri Fasal Bima Yojana
1 With the initiatives of the Hon’ble Prime Minister, short-comings in the existing Crop Insurance Scheme have been removed and a new scheme – Pradhan Mantri Fasal Bima Yojana has been approved for implementation across the country.
2 Pradhan Mantri Fasal Bima Yojna has been approved for implementation from Kharif 2016 throughout the country.
3 Farmers will now have to pay the lowest premium till date for availing Crop Insurance. The balance premium burden will be borne by the Government - even if it is more than 90% of the total premium.
4 For all food-grains, pulses and oilseeds, there will be one season – one rate for the farmer. Different rates for different crops for different districts has been removed. For Kharif: maximum 2% and for Rabi: maximum 1.5% premium is to be paid by farmers.
5 Farmers will get full financial security – there will be no capping on the premium rates and no reduction in the sum insured. In case farmer is unable to sow/transplant due to bad weather, he would be entitled to get claims.
6 For the first time, risk of post harvest losses upto 14 days occurring due to cyclone, unseasonal rainfall and local calamities such as hailstorm, landslide & inundation have been included for coverage across the country.