Pradhan Mantri Fasal Bima Yojna (PMFBY)
🔹The erstwhile Crop Insurance Schemes have been reviewed in consultation with various stakeholders including States/ UTs. As a result of the review, a new scheme“Pradhan Mantri Fasal Bima Yojana (PMFBY) has been approved for implementation from Kharif 2016 along with pilot Unified Package Insurance Scheme (UPIS) and Restructured Weather Based Crop Insurance Scheme (RWBCIS).
🔹Under the PMFBY, the premium rates to be paid by farmers are very low and balance premium will be paid by the Government, to be shared equally by State & Central Government, to provide full insured amount to the farmers against crop loss on account of natural calamities.
🔹There is no upper limit On Government subsidy.
🔹Covers all food grains, oilseeds and annual commercial/Horticultural crops.
🔹One season one rate a uniform maximum premium of 2% for Kharif, 1.5% for Rabi, Food & Oil seed crops and 5% for Annual Commercial/Horticultural Crops.
🔹Covers all risks of crop cycle – preventive sowing; risk to standing crops and post-harvest losses.
🔹For losses due to hailstorm, landslide and inundation assessment of yield losses at individual field level.
🔹Post-harvest losses for cut& spread crops on field upto 14 days due to cyclone/cyclonic rains and unseasonal rains.
🔹On account payment upto 25% of sum insured due to prevented sowing or mid season adversity.