With reference to ‘Pradhan Mantri Fasal Bima Yojana’, consider the following statements: 1. Under this scheme, farmers will have to pay a uniform premium of two per cent for any crop they cultivate in any season of the year. 2. This scheme covers post-harvest losses arising out of cyclones and unseasonal rains. Which of the statements given about is/are correct?

QUESTION

Medium

Social Issues & Schemes

Prelims 2016

With reference to ‘Pradhan Mantri Fasal Bima Yojana’, consider the following statements:

Under this scheme, farmers will have to pay a uniform premium of two per cent for any crop they cultivate in any season of the year.
This scheme covers post-harvest losses arising out of cyclones and unseasonal rains.

Which of the statements given about is/are correct?

Select an option to attempt

Explanation

The Pradhan Mantri Fasal Bima Yojana (PMFBY) is a government-sponsored crop insurance scheme.

Statement 1 is Incorrect: Under this scheme, farmers have to pay a uniform premium of 2% for all Kharif crops, 1.5% for all Rabi crops, and 5% for commercial/horticultural crops. The premium rate is not uniform for all crops in all seasons.