Pradhan Mantri Fasal Bima Yojana (PMFBY), a crop insurance scheme was launched by Prime Minister Narendra Modi on 13th January, 2016 to support sustainable production in agriculture.
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To provide efficient crop insurance scheme to farmers of the country by way of financial support in occurrence of crop loss/damage due to unforeseen events.
Maximum Insurance charges payable by farmer (%age of sum insured)
All foodgrain and oilseeds crops
2% of SI or actuarial rate, whichever is less
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
Central Subsidy under PMFBY/RWBCIS to be limited for premium rates upto 30% for unirrigated areas/crops and 25% for irrigated areas/crops
The claim of losses arising out of war and nuclear risks, malicious damage and other preventable risks shall be excluded from scheme.
The Government has decided to incorporate the provision of penalties for States and Insurance Companies for the delay in settlement of insurance claims under the Pradhan Mantri Fasal Bima Yojana (PMFBY)
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