Pradhan Mantri Fasal Bima Yojna

 

         Pradhan Mantri Fasal Bima Yojana                               



Objective of the Scheme

Aims for supporting sustainable production in agriculture sector by way of 

  • to provide compensation to farmers suffering crop loss/damage arising out of unforeseen events
  • to stabilize the income of farmers to ensure their continuance in farming
  • to encourage farmers to adopt innovative and modern agricultural practices d) to ensure flow of credit to the agriculture sector; which will attribute to food security, crop diversification and enhancing growth and competitiveness of agriculture sector besides protecting farmers from production risks. 
  • 18 February 2016 was the day when Prime Minister Shri Narendra Modi launched this profitable scheme.
  • It is an actuarial premium based scheme for farmers.21-states implemented this scheme in Kharif 2016, while 23 states and 2-union territories implemented this scheme in Rabi 2016-17.     
Privileges Of Pradhan Mantri Fasal Bima Yojana (PMFBY)

Under this scheme, farmers must pay a maximum premium of 2% for Kharif, 1.5% for Rabi food & oilseed crops and 5% for annual commercial or horticultural crops. The remaining part of the actuarial premium is equally shared by the Central & State Government. 

Goal

  • The primary purpose of PMFBY is to facilitate quick claims settlement. 
  • In addition, the objective is to compensate farmers for the damage caused by floods, storms, hailstorms, and heavy rains.  

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