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In order to remove the uncertainties regarding the farmer , Narendra Modi cabinet approved the predhan mantri fasal Bima yojana on 13 january 2016 ,Pradhan mantri fasal Bima yojana will reduce the loss of farmer crops due to natural calamities to a certain extent by paying premium to the farmer.
Rs 8800 crore will be spent for this scheme .under the Pradhan mantri fasal Bima yojana, farmer will be paid 2% premiums for kharif crop and 1.5% premium for rabi crops, fixed by insurance companies.
In this the insurance premiums to be paid by farmer against crops damages due to natural calamities have been kapt very low ,which can be easily paid by every level of farmer. This scheme provides protection not only for kharif and horticulture crops but also annual commercial and horticulture crops farmer have to pay 5% premium (installment) .
Key facts
The premium rates to be paid under Pradhan Mantri fasal Bima Yojana have Bin kept very low for the convenience of the farmer so that farmer of all levels can easily take advantage of crops insurance.
Under this all types of crops (rabi, kharif,commercial and horticulture crops) have been include 2%premium will be paid for kharif crop (paddy or rich , maize ,Johar,bajra ,sugarcane ect.) 1.5% premium will be paid for rabi crops (wheat ,barley, grem, lentils , mustard ect) 5% premium will be paid for annual commercial and horticulture crops insurance.
The remaining premium will be given by the government to the insurance companies this Will be divided equally between the state and central government.
The scheme replaces the national agricultural insurance scheme (NAIS) and the modified national agricultural insurance scheme (MNAIS).
PROFIT
Through Pradhan mantri fasal Bima yojana, insurance will be provided by the government for the caused to the farmer.
Only those farmer who have suffered losses due to any natural calamity can take advantage of this scheme.
Can not take advantage of this scheme if there is loss due to any other reason.
Benaficiary farmer can apply online to take advantage of the scheme.
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