Launched: 11 October 2014
Main Objective: Provide insurance cover to rabi and kharif crops and financial support to farmers in case of damage of crops.
Aim of Pradhan Mantri Fasal Bima Yojana is to make crop insurance simpler and cheaper for the farmers and to provide them with better insurance services, a Central Sector Scheme of Pradhan Mantri Fasal Bima Yojana (PMFSY) was launched by the Government of India replacing NAIS and MNAIS.
Agriculture in India is highly susceptible to risks like droughts and floods. It is necessary to protect the farmers from natural calamities and ensure their credit eligibility for the next season. For this purpose, the Government of India introduced many agricultural schemes throughout the country.
Under the new scheme, farmers will have to pay a uniform premium of 2% for all kharif crops and 1.5% for all rabi crops.
The scheme will be implemented from the kharif season of 2016.
Previous similar schemes
- Farm Income Insurance Scheme
- National Agriculture Insurance Scheme(NAIS)
Official Website: http://agricoop.nic.in