Crop Insurance – PMFBY, etc.

Govt set to launch new crop insurance scheme

  1. The Centre is set to roll out a new Crop Insurance Scheme through which it will bring down rate of premium to be paid by farmers, govt will pay the rest.
  2. The maximum premium to be paid by farmers will be 2.5% of the sum insured.
  3. Currently, farmers have to pay premium ranging between 4-15% to insure crops.
  4. The proposal also envisages a cap of 5% on premium a farmer has to pay to get horticulture crops insured.
  5. Once the new scheme kicks in, farmers in high-risk areas would stand to benefit the most.

An Indian farmer sprays pesticide on his mustard crop in Mayong village, outskirts of Gauhati, India, Monday, Dec. 14, 2015. Agriculture is the main livelihood of about 60 percent of India's 1.2 billion people.(AP Photo/ Anupam Nath)

The Centre is set to roll out a new Crop Insurance Scheme through which it will bring down rate of premium to be paid by farmers, govt will pay the rest.

  1. The maximum premium to be paid by farmers will be 2.5% of the sum insured.
  2. Currently, farmers have to pay premium ranging between 4-15% to insure crops.
  3. The proposal also envisages a cap of 5% on premium a farmer has to pay to get horticulture crops insured.
  4. Once the new scheme kicks in, farmers in high-risk areas would stand to benefit the most.
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