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Economy
Mahesh

07/08/22 22:55 PM IST

Crop Insurance Schemes

In News 
  • National Crop Insurance Portal (NCIP) is the only source of enrolment for Pradhan Mantri Fasal Bima Yojana (PMFBY), on which farmer applications from various designated sources including banks/financial institutions are entered.
PMFBY 
  • Launched in 2016 and is being administered by the Ministry of Agriculture and Farmers Welfare.
  • It replaced the National Agricultural Insurance Scheme (NAIS) and Modified National Agricultural Insurance Scheme (MNAIS).
  • Farmers including sharecroppers and tenant farmers growing notified crops in the notified areas are eligible for coverage.
Objectives:
  • To provide insurance coverage and financial support to the farmers in the event of failure of any of the notified crops as a result of natural calamities, pests & diseases.
  • To stabilize the income of farmers to ensure their continuance in farming.
  • To encourage farmers to adopt innovative and modern agricultural practices.
  • To ensure the flow of credit to the agriculture sector.
Premium 
  • 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 the case of annual commercial and horticultural crops, the premium to be paid by farmers will be only 5%.
  • The premium rates to be paid by farmers are very low and the balance premium will be paid by the Government to provide full insured amount to the farmers against crop loss on account of natural calamities.
  • There is no upper limit on Government subsidies. Even if the balance premium is 90%, it will be borne by the Government.
Source- PIB 

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