Concept: Pradhan Mantri Fasal Bhima Yojana
Related News: IE, May 26
CNA mentions: 1(May 26)
Pradhan Mantri Fasal Bhima Yojana
Under this new scheme Pradhan Mantri Fasal Bhima Yojana which is to be implemented from Kharif season of 2016, the premium paid by farmers had been reduced to 2% of the insured value for the more rain-dependent kharif crop and 1.5% for the rabi season, compared with 3.5-8% charged for the two earlier schemes —- National Agricultural Insurance Scheme (NAIS) and Modified National Agricultural Insurance Scheme (MNAIS). In the case of horticultural crops, farmers’ premium burden will be 5% of the sum assured or 50% of the total premium.
NAIS and MNAIS have been discontinued from Kharif 2016, but the ongoing Weather Based Crop Insurance Scheme (WBCIS) and Coconut Palm Insurance Scheme would continue to operate while premium to be paid under WBCIS has been brought on a par with PMFBY.
The concept was in the news recently. To know more click the above link titled ‘Related News’