Pradhan Mantri Fasal Bima Yojana (PMFBY)

PMFBY is an actuarial premium based scheme aimed to insulate Indian farmers from the vagaries of Indian monsoon.

• The scheme (launched on 13^th January 2016) provides comprehensive risk coverage from pre-sowing to post harvest losses due to non-preventable natural risks and follows One Season-One Premium and One Nation – One Scheme theme.
• It incorporates the best features of all previous schemes (NAIS and MNAIS) while removing its shortcomings and weaknesses.

Features: The farmer needs to pay a uniform premium of 2% for Kharif, 1.5% for Rabi food & oilseed crops and 5% for annual commercial/horticultural crops.