Pradhan Mantri Fasal Bima Yojana (PMFBY)

PMFBY is an actuarial premium based scheme aimed to insulate Indian farmers from the vagaries of Indian monsoon. The scheme (launched on 13^th January 2016) provides comprehensive risk coverage from pre-sowing to post harvest losses due to non-preventable natural risks and follows One Season-One Premium and One Nation – One Scheme theme.

• It incorporates the best features of all previous schemes (NAIS and MNAIS) while removing its shortcomings and weaknesses.

Features

• The farmer needs to pay a uniform premium of 2% for Kharif, 1.5% for Rabi food & oilseed crops and 5% for annual commercial/horticultural crops.
• The balance premium is borne ....