Pradhan Mantri Fasal Bima Yojana (PMFBY)

About PMFBY scheme:
  • Launched in 2016 by the Ministry of Agriculture and Farmers Welfare.
  • Aim: To provide comprehensive insurance cover against failure of the crop thus helping in stabilizing the income of the farmers.
  • Coverage of crops: It covers a) food crops b) oilseed crops and c) annual commercial/horticultural crops.
  • Premium: The prescribed premium is a) 2% for Kharif crops b) 1.5% for crops and c) 5% for commercial and horticultural crops. Balance of actuarial premium is shared equally between State and Central government
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