Prime Minister Crop Insurance Scheme | Comprehensive Coverage - Risk Coverage - Key Features of Pradhan Mantri Fasal Bima Yojana (PMFBY)
Prime Minister Crop Insurance Scheme Pradhan Mantri Fasal Bima Yojana (PMFBY), commonly known as the Prime Minister Crop Insurance Scheme, is a crop insurance scheme in India. It was launched on 18th February 2016 and is administered by the Ministry of Agriculture and Farmers Welfare, Government of India. PMFBY aims to provide insurance coverage and financial support to farmers in the event of crop failure due to natural calamities, pests, or diseases. Key Features of Pradhan Mantri Fasal Bima Yojana (PMFBY): 1. Comprehensive Coverage: PMFBY provides comprehensive coverage against yield loss due to various natural calamities such as drought, flood, cyclone, unseasonal rainfall, and pests and diseases. 2. Premium Subsidy: Farmers pay a nominal premium, and the rest of the premium is equally subsidized by the central and state governments. In the case of the northeastern states, the central government provides 90% of the premium, and farmers pay only 10%. 3. Risk Coverage: The schem...