How Does Pradhan Mantri Fasal Bima Yojana Work?

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Launched in 2016, Pradhan Mantri Fasal Bima Yojana is administered by the Ministry of Agriculture

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It replaced the National Agricultural Insurance Scheme and Modified National Agricultural Insurance Scheme

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Farmers, including sharecroppers and tenants, growing notified crops in notified areas are eligible

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The scheme provides insurance coverage and financial support for crop failures due to natural calamities

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It stabilises farmers' income and encourages innovative and modern agricultural practices

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Farmers pay 2% premium for Kharif crops and 1.5% for Rabi crops

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For annual commercial and horticultural crops, farmers pay a 5% premium

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Government pays the balance premium, ensuring full insured amount for crop loss

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Technology like satellite imagery, drones, and AI assess crop losses and facilitate reporting

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Since 2020, the scheme is optional, and the Centre limited its premium subsidy

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