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For every ₹100 of premium paid for crop insurance under PMFBY, farmers received ₹514 as claims: Govt

  • March 25, 2023
  • Posted by: OptimizeIAS Team
  • Category: DPN Topics
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For every ₹100 of premium paid for crop insurance under PMFBY, farmers received ₹514 as claims: Govt

Subject :Schemes

PMFBY

  • Launched in April, 2016, after rolling back the earlier insurance schemes viz. National Agriculture Insurance Scheme (NAIS), Weather-based Crop Insurance scheme and Modified National Agricultural Insurance Scheme (MNAIS).
  • Premium: It envisages a uniform premium of only 2% to be paid by farmers for Kharif crops, and 1.5% for Rabi crops. The premium for annual commercial and horticultural crops will be 5%.
  • The scheme was conceived as a milestone initiative to provide a comprehensive risk solution at the lowest uniform premium across the country for farmers.
  • Premium cost over and above the farmer share is equally subsidized by States and GoI.
  • However, GoI shares 90% of the premium subsidy for the North Eastern States to promote the uptake in the region.

Coverage of Risks and Exclusions:

  • Following stages of the crop and risks leading to crop loss are covered under the scheme.
  • Prevented Sowing/ Planting Risk: The insured area is prevented from sowing/ planting due to deficit rainfall or adverse seasonal conditions
  • Standing Crop (Sowing to Harvesting): Comprehensive risk insurance is provided to cover yield losses due to non-preventable risks, viz. Drought, Dry spells, Flood, Inundation, Pests and Diseases, Landslides, Natural Fire and Lightening, Storm, Hailstorm, Cyclone, Typhoon, Tempest, Hurricane and Tornado.
  • Post-Harvest Losses: Coverage is available only up to a maximum period of two weeks from harvesting for those crops which are allowed to dry in cut and spread condition in the field after harvesting against specific perils of a cyclone and cyclonic rains and unseasonal rains.
  • Localized Calamities: Loss/ damage resulting from the occurrence of identified localized risks of hailstorm, landslide, and Inundation affecting isolated farms in the notified area.
For every ₹100 of premium paid for crop insurance under PMFBY Schemes
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