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Prime Minster Fasal Bima Yojana (PMFBY)

Prime Minster Fasal Bima Yojana

Prime Minster Fasal Bima Yojana (PMFBY)

Government Schemes for Farmers Welfare

Q.1 Pradhan Mantri Fasal Bima Yojana (PMFBY) launched in which year? (IBPS-AFO 2019)

  • 2016
  • 2015
  • 2014
  • 2017
  • 2018

2016

Q.2 What is premium rate for all commercial and Horticulture crop Under PMFBY? (IBPS-AFO 2018 & 2019)

  • 5%
  • 2%
  • 3%
  • 1%
  • 4%

5%

Q.3 What is the uniform premium rate for all Rabi crops as per PMFBY? (IBPS-AFO 2019 & 2020)

  • 1.5%
  • 2%
  • 3%
  • 1%
  • 4% 

1.5%

Q.4 In PMFBY, What is the uniform premium rate for all oil seeds crops? (IBPS-AFO 2019)

  • 1.5%
  • 2%
  • 3%
  • 1%
  • None of these

None of these

Q.5 Under Pradhan Mantri fasal Bima Yojana the premium interest % paid by farmer for kharif crops? (IBPS-AFO 2018)

  • 1.5%
  • 2%
  • 3%
  • 1%
  • 4% 

[

2%

The Pradhan Mantri Fasal Bima Yojna was launched on 18th February 2016 by Prime Minister Shri Narendra Modi. 21 states implemented the scheme in Kharif 2016 whereas 23 states and 2 UTs have implemented the scheme in Rabi 2016-17. 

Scheem:- Pradhan Mantri fasal bima yojana (PMFBY)
Launch18th February 2016
Aim
To provide insurance coverage and financial support to the farmers in the event of failure of any of the notified crop as a result of natural calamities, pests & diseases.
Post-Harvest Losses  14 days (individual farm basis)
Premium Rate
KharifRabiHorticultural /commercial crops
2%1.5%5%
Budget allocated in 2018-19
Rs 13,000 crore
Budget allocated in 2019-20Rs 14,000 crore
Budget allocated in 2020-21Rs 15,695 crore
CEOAshish Kumar Bhutani

Objectives:- 

  1. To provide insurance coverage and financial support to the farmers in the event of failure of any of the notified crop as a result of natural calamities, pests & diseases.
  2.  To stabilize the income of farmers to ensure their continuance in farming.
  3.  To encourage farmers to adopt innovative and modern agricultural practices.
  4. To ensure flow of credit to the agriculture sector.

Yield losses:- 

  1. Natural Fire and Lightning
  2. Storm, Hailstorm, Cyclone, Typhoon, Tempest, Hurricane, Tornado etc.
  3. Flood, Inundation and Landslide
  4. Drought, Dry spells
  5. Pests/ Diseases
  6. Loss due to attack by wild animals

Premium Rates in Prime Minster Fasal Bima Yojana

Season Crops Maximum Premium payable by farmer (% of Sum Insured)*
Kharif All food grain and Oilseeds crops (all Cereals, Millets,
Pulses and Oilseeds crops)
2.0% of SI or Actuarial rate, whichever is less
Rabi All food grain and Oilseeds crops (all Cereals, Millets,
Pulses and oilseeds)
1.5% of SI or Actuarial rate, whichever is less
Kharif and Rabi
Annual Commercial/ Annual Horticultural crops 5% of SI or Actuarial rate, whichever is less
Perennial horticultural crops (pilot basis)5% of SI or Actuarial rate, whichever is less

* Premium paid by non loanee farmers should be rounded off in Rupee terms

One Nation – One Scheme: best features of all previous schemes incorporated + all previous shortcomings / weaknesses removed

 

Previous Crop Insurance Schemes

  1. 1985- Comprehensive Crop Insurance scheme
  2. 1999- National Agricultural Insurance Scheme
  3. 2007- Weather based crop insurance scheme
  4. 2010- Modified National Agricultural Insurance

Unit of Insurance

  1. The difference between the premium paid by farmers and the actuarial premium charged was paid by the Centre & state government in the ratio of 50:50.
  2. The PMFBY replaces two schemes National Agricultural Insurance Scheme as well as the Modified NAIS.
  3. Under PMFBY, there will no upper limit on government subsidy and even if balance premium is 90%, it will be borne by the government.
Download Full PMFBY GuidelineOpen
More Government SchemeOpen
IBPS-AFO Study MaterialOpen
Online Agriculture Test SeriesOpen
Updated: 2021-01-24 — 11:57 am

4 Comments

Add a Comment
  1. This scheme launch 18 feb.2016 please give right information

  2. They have written 18th of feb 2016 on top of article surender singh…. From where did you got info other than that in this section?

  3. You provide good study material . I think this is a hub of agriculture questions.

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