Election Day- Use Code DEMOCRACY24

Register Now

Pradhan Mantri Fasal Bima Yojana

Published on January 14, 2020
Current context: The Union Cabinet approved the PM Fasal Bima Yojana scheme (PMFBY) on 13th of January in 2016 and the scheme was launched in February 2016.
Pradhan Mantri Fasal Bima Yojana
  • The Centre is implementing PMFBY to provide financial support to farmers suffering crop loss or damage arising out of unforeseen events.
  • The scheme provides comprehensive insurance coverage against crop loss on account of non-preventable natural risks, thus helping stabilise farmers’ income.
  • Under it, there is a uniform premium of only 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 to be paid by farmers will be only 5%.
  • Balance premium will be paid by the Government to provide full insured amount to farmers against crop loss on account of natural calamities.


Q.1 The Pradhan Mantri Fasal Bima Yojana was launched in which year?
a. 2014
b. 2015
c. 2016
d. 2017
ebook store

About us

ramandeep singh

Ramandeep Singh, your guide to banking and insurance exams. With 14 years of experience and 5000+ selections, Ramandeep understands the path to success, having transitioned himself from Dena Bank and SBI. He's passionate about helping you achieve your banking and insurance dreams.

  • Follow me:
Close Menu
Close Menu