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Jan 13, 2020
2:21PM

Centre implements Fasal Bima Yojana to provide financial support to farmers suffering crop loss

india.gov.in
The Centre is implementing Pradhan Mantri Fasal Bima Yojana (PMFBY) to provide financial support to farmers suffering crop loss or damage arising out of unforeseen events. The scheme has been launched in February 2016 after the Union Cabinet approved the new scheme on this day ,13th of January in 2016. The scheme provides comprehensive insurance coverage against crop loss on account of non-preventable natural risks, thus helping stabilise farmers income. 

It will also encourage them to adopt innovative practices. Under it, there is a uniform premium of only 2 per cent  to be paid by farmers for all Kharif crops and 1.5 per cent  for all Rabi crops. In case of annual commercial and horticultural crops, the premium to be paid by farmers will be only 5 per cent.
           
The premium rates to be paid by farmers are very low and balance premium will be paid by the Government to provide full insured amount to farmers against crop loss on account of natural calamities. 

The new Crop Insurance Scheme is in line with One Nation - One Scheme theme.  It incorporates the best features of all the previous schemes and at the same time, previous shortcomings and weaknesses have been removed.

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