Full details of pradhan mantri fasal bima yojana

PRADHAN MANTRI FASAL BIMA YOJANA (PMFBY)

KEY POINTS

• Total budgest estimation :
  aprroximately Rs 17,600 crore
• Type of scheme & its uses :
  It is an crop insurance scheme for farmers
  It is used when crops were destroyed in natural disasters like draught,floods,fire ,pest attack etc
• Previous crop insurance scheme & year :
  national agricultural insurance scheme & 1999
• premium :
  Kharif crops : 2 % of actual assured sum of crop
  Rabi crops : 1.5 % of actual assured sum of crop
  Commercial & Horticultue crops : 5 % of actual assured sum of crop
• NO of states where the scheme was estabished :
  implemented in 14 states ,which are most affected by weather calamities

AIM

• to prevent farmers incur heavy losses even if the crops gets damaged due to natural calamities
• to reduce the farmer suicides in the country due to debts

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