PM Fasal Bima Yojana

Question 1

Which ministry does PMFBY come under ?

Answer 1

Ministry of Agriculture and Farmers Welfare

Question 2

What is PMFBY directed towards ?

Answer 2

It is a govt sponsored crop insurance scheme

Question 3

When was it launched by Govt of India ?

Answer 3

In 2016

Question 4

What previous schemes were rolled out to introduce PMFBY ?

Answer 4

1) National Agriculture Insurance Scheme
2) Weather based Crop Insurance scheme
3) Modified National Agricultural Insurance scheme

Question 5

What is the regulation on Insurance firms regarding PMFBY ?

Answer 5

All insurance firms have to spend 0.5% of their earnings from annual premium to advertise the provisions of the scheme

Question 6

For what farmers is the scheme mandatory ?

Answer 6

Mandatory for those who have taken institutional credit from banks.
Optional for those farmers who havent taken institutional credit

Question 7

What are the provisions under the scheme ?

Answer 7

1) It covers damages to crops in wild animal attacks in certain districts
2) Certain horticultural crops have been brought under the scheme on experimental basis
3) Damages to individual fields due to incidents of localised disasters are brought under the scheme.

Question 8

What is the ensured premium under this scheme ?

Answer 8

1) Only 2% to be paid by Kharif crop farmers
2) 1.5% for rabi crops
3) Commercial and horticultural crops will be 5%