PMFBY 2.0: A revamped crop insurance scheme -Amit Mohan Prasad

Share this article Share this article
published Published on Feb 27, 2020   modified Modified on Mar 2, 2020

-The Indian Express

The recent tweaks to the Pradhan Mantri Fasal Bima Yojana, including making it 100% voluntary and capping premiums at 30%, are going to be a game-changer.

The Centre has recently revamped the Pradhan Mantri Fasal Bima Yojana (PMFBY) that will have far-reaching impact on the implementation of this flagship crop insurance scheme. Launched in the 2016 kharif season, PMFBY makes the insurance companies liable for full risk coverage. Farmers pay a nominal 2% premium rate on the sum insured (the maximum amount that insurance would give in the event of damage) for all kharif crops, with these at 1.5% for rabi and 5% for annual and horticultural crops. The balance premium, vis-à-vis the actuarial rate based on statistical risk assessment, is paid as subsidy to the companies and shared between the Centre and the states on a 50:50 basis.

Please click here to read more.

The Indian Express, 27 February, 2020,

Related Articles


Write Comments

Your email address will not be published. Required fields are marked *


Video Archives


share on Facebook
Read Later

Contact Form

Please enter security code