Insurance Premium Under Pmfby For Kharif And Rabi
It is estimated that the new scheme will ensure about 75 80 per cent of subsidy for the farmers in insurance premium.
Insurance premium under pmfby for kharif and rabi. All the candidates can also check their premium amount before making registrations for the kharif and rabi crops under pmfby 2018. The pmfby fixes a uniform premium of two percent of the sum insured to be paid by farmers for all kharif crops 1 5 percent of the sum insured for all rabi crops and five percent of sum insured for annual commercial and horticultural crops or actuarial rate whichever is less with no limit on government premium subsidy. Pradhan mantri fasal bima yojana pmfby is the government sponsored crop insurance scheme that integrates multiple stakeholders on a single platform. Pmfby is a replacement scheme of nais mnais there will be exemption from service tax liability of all the services involved in the implementation of the scheme.
The gap between these and the higher actuarial premiums based on statistical risk assessment payable to insurance companies is to be met by government subsidy on a 50 50. Farmers to be covered. The difference between premium and the rate of insurance charges payable by farmers shall be shared equally by the central and state governments. The pmfby provides comprehensive crop insurance from pre sowing to post harvest period against non preventable natural risks at extremely low premium rate of 2 per cent for kharif crops 1 5 per cent for rabi crops and 5 per cent for horticulture and commercial crops.
The maximum premium payable by the farmers is 2 for all kharif food oilseeds crops 1 5 for rabi food oilseeds crops and 5 for annual commercial horticultural crops. Under both pmfby and wbcis farmers pay premium rates amounting to just 2 of the sum insured on kharif crops while 1 5 in rabi and 5 for annual horticultural crops. The insurance premium can be calculated for the fy 2017 2018 for pradhan mantri fasal bima yojana and weather based crop insurance scheme. Centre has been considering a number of steps including creating a pool for crop insurance putting a ceiling on the premium as part of next phase of reforms in the scheme.
Under pmfby farmers pay 1 5 percent of sum insured for rabi crops 2 percent for kharif and it is 5 percent for cash crops.
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