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A WORKING GROUP SET UP FOR PRADHAN MANTRI FASAL BIMA YOJANA (PMFBY)

A WORKING GROUP SET UP FOR PRADHAN MANTRI FASAL BIMA YOJANA (PMFBY)

Context:

For Pradhan Mantri Fasal Bima Yojana (PMFBY), a working group has been set up comprising of officials from the Centre, top executives of public sector insurance companies and key crop-producing states.

Key Highlights:

  • The Central Government has set up a working group to roll out Pradhan Mantri Fasal Bima Yojana (PMFBY) from Kharif season 2022.
  • The working group will address the demand for an alternative model to achieve sustainable capacities of insurers as well as to achieve rationalised premium pricing to cut subsidy burden on the government.
  • It will submit its report in the next 6 months.

About Pradhan Mantri Fasal Bima Yojana (PMFBY):

  • It is a flagship crop insurance scheme of the Government of India.
  • It was launched on 13th January 2016.
  • It was conceived as a milestone initiative to provide a comprehensive risk solution at the lowest uniform premium across the country for farmers.
  • It provides a comprehensive insurance cover against failure of the crop thus helping in stabilising the income of the farmers.
  • The prescribed premium is 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 is 5%.

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