Fasal Bima Yojana: Pradhan Mantri Fasal Bima Yojana (PMFBY) and Restructured Weather Based Crop Insurance Scheme (RWBCIS) were launched in 2016. The objective of the scheme is to provide comprehensive crop insurance coverage against natural risks ranging from pre-sowing to post-harvest losses.
Pradhan Mantri Fasal Bima Yojana: Many benefits are provided to the farmers by the government. Financial help is also included in these benefits. In this sequence, many schemes are also being run by the government for the farmers. These schemes include Pradhan Mantri Fasal Bima Yojana. Pradhan Mantri Fasal Bima Yojana (PMFBY) and Restructured Weather Based Crop Insurance Scheme (RWBCIS) were launched in 2016. The objective of the scheme is to provide comprehensive crop insurance coverage against natural risks ranging from pre-sowing to post-harvest losses.
Kisan Scheme
The objective of this scheme is to support sustainable production in the agriculture sector. Through this, providing financial assistance to farmers suffering from crop loss/damage arising out of unforeseen events, stabilizing the income of farmers to ensure their continuity in farming, encouraging farmers to adopt innovative and modern agricultural practices, agricultural sector This includes ensuring credit flow.
Pradhan Mantri Fasal Bima Yojana
According to the government, apart from protecting farmers from production risk, these schemes will contribute to food security, crop diversification and increase the growth and competitiveness of the agriculture sector. These schemes are the only risk mitigation tool available to farmers at very low premium rates of 2 per cent for Kharif crops, 1.5 per cent for Rabi crops and 5 per cent for annual commercial/horticulture crops.
Crop Insurance Scheme
PIB says that the balance of actuarial premium is shared by the Central and State Governments on the basis of 50:50 ratio. The schemes are voluntary to the states and are available in areas and crops that are notified through the state governments. Moreover the schemes are compulsory for loanee farmers and voluntary for non-loanee farmers.
