Fasal Bima Yojana

Pradhan mantri Fasal Bima Yojana

Pradhan Mantri Fasal Bima Yojana (PMFBY) is the new crop damage insurance scheme that has been approved by the Union Cabinet in January 2016. It will replace the existing two crop insurance schemes National Agricultural Insurance Scheme (NAIS) and Modified NAIS. The new scheme will come into force from the Kharif season starting in June this year. Crops covered The scheme covers kharif, rabi crops as well as annual commercial and horticultural crops. For Kharif crops, the premium charged would be up to 2% of the sum insured. For Rabi crops, the premium would be up to 1.5% of the sum assured. For annual commercial and horticultural crops, premium would be 5 per cent. The remaining share of premium will be borne equally by the central and respective state governments.