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With respect to the Pradhan Mantri Fasal Bima Yojana (PMFBY), consider the following statements:
1. The scheme is compulsory for loanee farmers availing Crop Loan/Kisan Credit Card (KCC) account for notified crops.
2. The prescribed premium under the scheme is 2% for all Kharif crops and 1.5% for all rabi crops.
Which of the statements given above is/are correct?
- a)1 only
- b)2 only
- c)Both 1 and 2
- d)Neither 1 nor 2
Correct answer is option 'B'. Can you explain this answer?
Most Upvoted Answer
With respect to the Pradhan Mantri Fasal Bima Yojana (PMFBY), consider...
Pradhan Mantri Fasal Bima Yojana (PMFBY)
- It provides a comprehensive insurance cover against failure of the crop thus helping in stabilising the income of the farmers.
- The scheme was compulsory for loanee farmers availing Crop Loan/Kisan Credit Card (KCC) account for notified crops and voluntary for others.
- Currently, this scheme is voluntary for all the farmers. Hence, statement 1 is not correct.
- Scope: All food & oilseed crops and annual commercial/horticultural crops for which past yield data is available.
- Premium: The prescribed premium is 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 is 5%. Hence, statement 2 is correct.
- Premium cost over and above the farmer share was equally subsidized by States and GoI.
- However, GoI shared 90% of the premium subsidy for the Northeastern States to promote the uptake in the region.
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With respect to the Pradhan Mantri Fasal Bima Yojana (PMFBY), consider...
Statement 1: The scheme is compulsory for loanee farmers availing Crop Loan/Kisan Credit Card (KCC) account for notified crops.
The first statement is incorrect. The Pradhan Mantri Fasal Bima Yojana (PMFBY) is not compulsory for loanee farmers availing Crop Loan/Kisan Credit Card (KCC) account. The scheme is optional for all farmers and they can choose to participate in the scheme if they wish to. However, many banks make it mandatory for loanee farmers to avail crop insurance to secure their loan.
Statement 2: The prescribed premium under the scheme is 2% for all Kharif crops and 1.5% for all rabi crops.
The second statement is correct. The premium rates under the PMFBY scheme vary depending on the type of crop. For Kharif crops, the premium rate is 2% of the sum insured. For rabi crops, the premium rate is 1.5% of the sum insured. The sum insured is the maximum amount that can be claimed by the farmer in case of crop loss or damage due to specified perils.
Explanation:
The Pradhan Mantri Fasal Bima Yojana (PMFBY) is a crop insurance scheme launched by the Government of India in 2016. It aims to provide financial support to farmers in the event of crop failure or damage due to natural calamities, pests, or diseases. The scheme is implemented by the Ministry of Agriculture and Farmers Welfare.
Under the PMFBY scheme, farmers can insure their crops against various risks and uncertainties. The insurance coverage is available for all notified crops and is optional for farmers. However, many banks make it mandatory for loanee farmers to avail crop insurance to secure their loan.
The premium rates under the PMFBY scheme are determined based on the type of crop. For Kharif crops, which are sown in the rainy season (June to October), the premium rate is 2% of the sum insured. For rabi crops, which are sown in the winter season (October to March), the premium rate is 1.5% of the sum insured. The sum insured is the maximum amount that can be claimed by the farmer in case of crop loss or damage due to specified perils.
In addition to the premium, the government provides subsidies to farmers to make the insurance affordable. The subsidy rates are fixed by the government and vary depending on the type of crop and the region. The remaining premium amount is shared equally between the farmer and the government.
Overall, the PMFBY scheme aims to provide financial protection to farmers and ensure their income security in case of crop loss or damage. It also promotes the adoption of modern agricultural practices and technology among farmers.
The first statement is incorrect. The Pradhan Mantri Fasal Bima Yojana (PMFBY) is not compulsory for loanee farmers availing Crop Loan/Kisan Credit Card (KCC) account. The scheme is optional for all farmers and they can choose to participate in the scheme if they wish to. However, many banks make it mandatory for loanee farmers to avail crop insurance to secure their loan.
Statement 2: The prescribed premium under the scheme is 2% for all Kharif crops and 1.5% for all rabi crops.
The second statement is correct. The premium rates under the PMFBY scheme vary depending on the type of crop. For Kharif crops, the premium rate is 2% of the sum insured. For rabi crops, the premium rate is 1.5% of the sum insured. The sum insured is the maximum amount that can be claimed by the farmer in case of crop loss or damage due to specified perils.
Explanation:
The Pradhan Mantri Fasal Bima Yojana (PMFBY) is a crop insurance scheme launched by the Government of India in 2016. It aims to provide financial support to farmers in the event of crop failure or damage due to natural calamities, pests, or diseases. The scheme is implemented by the Ministry of Agriculture and Farmers Welfare.
Under the PMFBY scheme, farmers can insure their crops against various risks and uncertainties. The insurance coverage is available for all notified crops and is optional for farmers. However, many banks make it mandatory for loanee farmers to avail crop insurance to secure their loan.
The premium rates under the PMFBY scheme are determined based on the type of crop. For Kharif crops, which are sown in the rainy season (June to October), the premium rate is 2% of the sum insured. For rabi crops, which are sown in the winter season (October to March), the premium rate is 1.5% of the sum insured. The sum insured is the maximum amount that can be claimed by the farmer in case of crop loss or damage due to specified perils.
In addition to the premium, the government provides subsidies to farmers to make the insurance affordable. The subsidy rates are fixed by the government and vary depending on the type of crop and the region. The remaining premium amount is shared equally between the farmer and the government.
Overall, the PMFBY scheme aims to provide financial protection to farmers and ensure their income security in case of crop loss or damage. It also promotes the adoption of modern agricultural practices and technology among farmers.
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With respect to the Pradhan Mantri Fasal Bima Yojana (PMFBY), consider the following statements:1. The scheme is compulsory for loanee farmers availing Crop Loan/Kisan Credit Card (KCC) account for notified crops.2. The prescribed premium under the scheme is 2% for all Kharif crops and 1.5% for all rabi crops.Which of the statements given above is/are correct?a)1 onlyb)2 onlyc)Both 1 and 2d)Neither 1 nor 2Correct answer is option 'B'. Can you explain this answer?
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With respect to the Pradhan Mantri Fasal Bima Yojana (PMFBY), consider the following statements:1. The scheme is compulsory for loanee farmers availing Crop Loan/Kisan Credit Card (KCC) account for notified crops.2. The prescribed premium under the scheme is 2% for all Kharif crops and 1.5% for all rabi crops.Which of the statements given above is/are correct?a)1 onlyb)2 onlyc)Both 1 and 2d)Neither 1 nor 2Correct answer is option 'B'. Can you explain this answer? for UPSC 2025 is part of UPSC preparation. The Question and answers have been prepared according to the UPSC exam syllabus. Information about With respect to the Pradhan Mantri Fasal Bima Yojana (PMFBY), consider the following statements:1. The scheme is compulsory for loanee farmers availing Crop Loan/Kisan Credit Card (KCC) account for notified crops.2. The prescribed premium under the scheme is 2% for all Kharif crops and 1.5% for all rabi crops.Which of the statements given above is/are correct?a)1 onlyb)2 onlyc)Both 1 and 2d)Neither 1 nor 2Correct answer is option 'B'. Can you explain this answer? covers all topics & solutions for UPSC 2025 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for With respect to the Pradhan Mantri Fasal Bima Yojana (PMFBY), consider the following statements:1. The scheme is compulsory for loanee farmers availing Crop Loan/Kisan Credit Card (KCC) account for notified crops.2. The prescribed premium under the scheme is 2% for all Kharif crops and 1.5% for all rabi crops.Which of the statements given above is/are correct?a)1 onlyb)2 onlyc)Both 1 and 2d)Neither 1 nor 2Correct answer is option 'B'. Can you explain this answer?.
With respect to the Pradhan Mantri Fasal Bima Yojana (PMFBY), consider the following statements:1. The scheme is compulsory for loanee farmers availing Crop Loan/Kisan Credit Card (KCC) account for notified crops.2. The prescribed premium under the scheme is 2% for all Kharif crops and 1.5% for all rabi crops.Which of the statements given above is/are correct?a)1 onlyb)2 onlyc)Both 1 and 2d)Neither 1 nor 2Correct answer is option 'B'. Can you explain this answer? for UPSC 2025 is part of UPSC preparation. The Question and answers have been prepared according to the UPSC exam syllabus. Information about With respect to the Pradhan Mantri Fasal Bima Yojana (PMFBY), consider the following statements:1. The scheme is compulsory for loanee farmers availing Crop Loan/Kisan Credit Card (KCC) account for notified crops.2. The prescribed premium under the scheme is 2% for all Kharif crops and 1.5% for all rabi crops.Which of the statements given above is/are correct?a)1 onlyb)2 onlyc)Both 1 and 2d)Neither 1 nor 2Correct answer is option 'B'. Can you explain this answer? covers all topics & solutions for UPSC 2025 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for With respect to the Pradhan Mantri Fasal Bima Yojana (PMFBY), consider the following statements:1. The scheme is compulsory for loanee farmers availing Crop Loan/Kisan Credit Card (KCC) account for notified crops.2. The prescribed premium under the scheme is 2% for all Kharif crops and 1.5% for all rabi crops.Which of the statements given above is/are correct?a)1 onlyb)2 onlyc)Both 1 and 2d)Neither 1 nor 2Correct answer is option 'B'. Can you explain this answer?.
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