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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

 

Scheem

PRIME MINSTER FASAL BIMA YOJANA (PMFBY)

Launch

13th January 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.
(AgriExam.com)
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 stabilise 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 Natural Fire and Lightning

Storm, Hailstorm, Cyclone, Typhoon, Tempest, Hurricane, Tornado etc.

Flood, Inundation and Landslide

Drought, Dry spells

Pests/ Diseases

Loss due to attack by wild animals

Post-Harvest Losses

(individual farm basis)

14 days
premium rate Kharif- 2%

Rabi-1.5%

horticultural /commercial crops- 5%

Budget allocated in 2018-19
Rs 13,000 crore
CEO Ashish Kumar Bhutani

 



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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)

(AgriExam.com)

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

Unit of Insurance

The Scheme shall operate on the principle of “Area Approach” in the selected defined areas called Insurance Unit (IU). State Govt. /UT will notify crops and defined areas covered during the season in accordance with decision taken in the meeting of SLCCCI. State/UT Govt. should notify Village/Village Panchayat or any other equivalent unit as an insurance unit for major crops defined at District / Taluka or equivalent level. For other crops it may be a unit of size above the level of Village/village Panchayat. For defining a crop as a major crop for deciding the Insurance Unit level, the sown area of that crop should be at least 25% of Gross Cropped Area in a District/ Taluka or equivalent level

Download Full PMFBY Guideline Open

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