Provisions of Pradhan Mantri Fasal Bima Yojana
Q. Which of the following statements is/are correct about Pradhan Mantri Fasal Bima Yojana ?
1. It has a lowest ever premium.
2. It considers individual farmer as unit of insurance rather than whole village.- Published on 15 Jan 16a. Only 1
b. Only 2
c. Both
d. None
ANSWER: Both
- Pradhan Mantri Fasal Bima Yojana (PM Crop Insurance Scheme) has provisions of lowest ever premium, post-harvest cover, individual farmer as unit of insurance and mandatory interventions of technology for quicker settlement of claims.
- It will come into effect from the Kharif crop cycle, beginning June.
- It also makes a provision of compensation to insured farmers if they have to skip sowing due to natural calamities like floods, unseasonal rains, hailstorm and cyclones.
- Premium : 2% for kharip, 1.5% for Rabi, 5% for commercial and horticulture plants
- The remaining sum of premium under the new scheme would be borne by the Centre and state governments equally.
- At present, there are two schemes - National Agricultural Insurance Schemes (NAIS) and Modified NAIS in the market, having high variability in premium rates. While NAIS was launched in 1999, the MNAIS has been in operation since 2010.
