| 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 2% 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 above is/are correct? |
A) Only 1
B) Only 2
C) Both 1 and 2
D) Neither1nor 2
Correct Answer: B
Solution :
Exp. [b] Pradhan Mantri Fasal Bima Yojana (PMFBY) is the new crop damage insurance scheme that has been approved by the Union Cabinet in January 2016. It will replace the existing two crop insurance schemes National Agricultural Insurance Scheme (NAIS) and Modified NAIS. Apart from yield loss, the new scheme will cover post-harvest losses also. It will also provide farm level assessment for localised calamities including hailstorms, unseasonal rains, landslides and inundation. The scheme covers Kharif, Rabi crops as well as annual commercial and horticultural crops. For Kharif crops, the premium charged would be upto 2% of the sum insured. For Rabi crops, the premium would be upto 1.5% of the sum assured. For annual commercial and horticultural crops, premium would be 5%. The remaining share of premium will be borne equally by the central and respective State Governments.
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