Pradhan Mantri Fasal Bima Yojana (PMFBY)
#Insurance protection for food crops, oilseeds and annual horticultural/ commercial crops notified by state government.
#Uniform maximum premium for all farmers :
i) Kharif season – 2% of sum insured.
ii) Rabi Season 1.5% of sum insured.
iii) Annual commercial/horticultural crops – 5% of sum insured.
#The difference between actual premium and the rate of Insurance payable by farmers shall be shared equally by the Centre and State.
#Claims of full Sum Insured (SI), without capping or reduction in SI.
#If the sowing is not done due to adverse weather/climate, claims upto 25% of sum insured will be paid for prevented sowing/planting risk.
#When the crop yield is less than the guaranteed yield of notified crops, the claim payment equal to shortfall in yield is payable to all insured farmers.
#If 50% loss in mid season of crop then on account advance payment, up to 25% of likely claims will be paid as immediate relief.
#Losses caused by inundation, hailstorm and landslide would be assessed at individual farm level.
#Post harvest losses assessment for damage to crops in cut and spread in the field up to 14 days on account of cyclonic rain and unseasonal rain in the entire country .
#Use of Remote Sensing Technology and drones to supplement Crop Cutting Experiments for faster settlement of claims. y Implementing agency will be selected by the State Government through bid.
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