With reference to Pradhan Mantri Fasal Bima Yojana, consider the following statements:Under this sch

Question

With reference to Pradhan Mantri Fasal Bima Yojana, consider the following statements:Under this scheme, farmers will have to pay a uniform premium of two percent for any crop they cultivate in any season of the year.This scheme covers post-harvest losses arising out of cyclones and unseasonal rains.Which of the statements given above is/are correct?

Accepted Answer

Pradhan Mantri Fasal Bima Yojana (PMFBY) is the new crop damage insurance scheme that has been approved by the Union Cabinet in January 2016. It will replace the existing two crop insurance schemes National Agricultural Insurance Scheme (NAIS) and Modified NAIS. The new scheme will come into force from the Kharif season starting in June this year.One of the highlights included there will be a uniform premium of only 2% to be paid by farmers for all Kharif crops and 1.5% for all Rabi crops. In case of annual commercial and horticultural crops, the premium to be paid by farmers will be only 5%.Also, POST-HARVEST LOSSES includes (individual farm basis): Coverage is available up to a maximum period of 14 days from harvesting for those crops which are kept in cut & spread condition to dry in the field after harvesting, against specific perils of cyclone / cyclonic rains, unseasonal rains throughout the country. Hence, only statement 2 is correct.