Examine the following statements on Pradhan Mantri Fasal Bima Yojana (PMFBY):

A. The scheme was launched by the Prime Minister of India on 18th February, 2016.

B. It aims at supporting sustainable production in agriculture sector.

C. All farmers including sharecroppers and tenant farmers for all crops in all states of India are eligible for coverage. 

Choose the correct answer:

Key Points

• Pradhan Mantri Fasal Bima Yojana (PMFBY) was launched by the Prime Minister of India on 18th February, 2016.
• The scheme aims at supporting sustainable production in the agriculture sector by providing financial support to farmers suffering crop loss/damage arising out of unforeseen events.
• All farmers including sharecroppers and tenant farmers growing the notified crops in the notified areas are eligible for coverage under this scheme.

Additional Information

• Pradhan Mantri Fasal Bima Yojana (PMFBY):
  • Launched by the Government of India 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.
  • The scheme aims to stabilize the income of farmers to ensure their continuance in farming, encourage farmers to adopt innovative and modern agricultural practices, and ensure the flow of credit to the agriculture sector.
  • It is a replacement of the earlier schemes National Agricultural Insurance Scheme (NAIS) and Modified National Agricultural Insurance Scheme (MNAIS).
  • The premium rates to be paid by farmers are very low and the balance premium is paid by the Government to provide full insured amount to the farmers against crop loss on account of natural calamities.
• Eligibility Criteria:
  • All farmers including sharecroppers and tenant farmers growing the notified crops in the notified areas are eligible for coverage under the scheme.
  • However, the scheme does not cover post-harvest losses and exclusions.
• Coverage:
  • The scheme covers all food & oilseed crops and annual commercial/horticultural crops for which past yield data is available and requisite number of Crop Cutting Experiments (CCEs) are being conducted under the General Crop Estimation Survey (GCES).