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With reference to the Pradhan Mantri Fasal Bima Yojana, consider the following statements:
1. The Central and the State Governments pay complete premium amount for crop insurance.
2. The Scheme is mandatory for the farmers who availed institutional finance.
3. The farmers are required to fill loss reports online, which are validated by the insurance companies, before the compensation amount is paid directly in their accounts.
Which of the statements given above is/are correct?
- a)1 and 2 only
- b)2 and 3 only
- c)3 only
- d)1, 2 and 3
Correct answer is option 'C'. Can you explain this answer?
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Most Upvoted Answer
With reference to the Pradhan Mantri Fasal Bima Yojana, consider the f...
- The Pradhan Mantri Fasal Bima Yojana (PMFBY): Introduced in the 2016-17 Kharif season, the PMFBY is a Central-State Scheme, which aims to cushion the farmers against crop loss. The Central and the State Governments pay more than 95% of the premium amount, while the farmer bears 1.5-5% of the premium. As extensive usage of technology is used to settle the claims of the farmers, within a stipulated time period. The farmers are required to fill loss reports online, which are validated by the insurance companies, before the compensation amount is paid directly in their accounts.
- Prior to 2020, the Scheme was mandatory for the farmers who availed institutional finance, but that was changed and made voluntary for all farmers. Maharashtra has consistently seen a large number of farmers opting for the Scheme, even when it was non-mandatory for the non-loanee farmers.
- Why is the PMFBY criticised? Since the beginning, the farm leaders across the state have criticised the Scheme for various reasons. One of the main arguments against it is that it helps the insurance companies more than the farmers. The farm leaders claim that the insurance companies have made windfall gains at the behest of the public exchequer and the farmers.
- Delayed pay-outs and denial of claims are other common complaints against the insurance companies. On their part, the companies point out the nature of the insurance allows for payment only when there is a loss. Also, over the last few years, they have said that their pay- outs have been more than the premium collected, making the Scheme non-viable for them.
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With reference to the Pradhan Mantri Fasal Bima Yojana, consider the f...
Explanation:
Statement 1: The Central and the State Governments pay complete premium amount for crop insurance.
- This statement is incorrect. Under the Pradhan Mantri Fasal Bima Yojana (PMFBY), the premium for crop insurance is not completely paid by the Central and State Governments. The farmers are required to pay a very nominal premium, which is subsidized by the government. The premium amount varies based on the crop type and the level of coverage chosen by the farmer.
Statement 2: The Scheme is mandatory for the farmers who availed institutional finance.
- This statement is incorrect. While it is encouraged for farmers who avail institutional finance to opt for crop insurance under PMFBY, the scheme is not mandatory for them. However, farmers who do not avail institutional finance are also eligible to enroll in the scheme.
Statement 3: The farmers are required to fill loss reports online, which are validated by the insurance companies, before the compensation amount is paid directly in their accounts.
- This statement is correct. In case of crop loss or damage, farmers are required to report the losses online through crop insurance portals. These loss reports are then validated by the insurance companies before the compensation amount is calculated and directly credited to the farmers' bank accounts. This process ensures transparency and timely payment of claims to the farmers.
Therefore, the correct answer is option C: 3 only.
Statement 1: The Central and the State Governments pay complete premium amount for crop insurance.
- This statement is incorrect. Under the Pradhan Mantri Fasal Bima Yojana (PMFBY), the premium for crop insurance is not completely paid by the Central and State Governments. The farmers are required to pay a very nominal premium, which is subsidized by the government. The premium amount varies based on the crop type and the level of coverage chosen by the farmer.
Statement 2: The Scheme is mandatory for the farmers who availed institutional finance.
- This statement is incorrect. While it is encouraged for farmers who avail institutional finance to opt for crop insurance under PMFBY, the scheme is not mandatory for them. However, farmers who do not avail institutional finance are also eligible to enroll in the scheme.
Statement 3: The farmers are required to fill loss reports online, which are validated by the insurance companies, before the compensation amount is paid directly in their accounts.
- This statement is correct. In case of crop loss or damage, farmers are required to report the losses online through crop insurance portals. These loss reports are then validated by the insurance companies before the compensation amount is calculated and directly credited to the farmers' bank accounts. This process ensures transparency and timely payment of claims to the farmers.
Therefore, the correct answer is option C: 3 only.
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With reference to the Pradhan Mantri Fasal Bima Yojana, consider the following statements:1. The Central and the State Governments pay complete premium amount for crop insurance.2. The Scheme is mandatory for the farmers who availed institutional finance.3. The farmers are required to fill loss reports online, which are validated by the insurance companies, before the compensation amount is paid directly in their accounts.Which of the statements given above is/are correct?a)1 and 2 onlyb)2 and 3 onlyc)3 onlyd)1, 2 and 3Correct answer is option 'C'. Can you explain this answer?
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With reference to the Pradhan Mantri Fasal Bima Yojana, consider the following statements:1. The Central and the State Governments pay complete premium amount for crop insurance.2. The Scheme is mandatory for the farmers who availed institutional finance.3. The farmers are required to fill loss reports online, which are validated by the insurance companies, before the compensation amount is paid directly in their accounts.Which of the statements given above is/are correct?a)1 and 2 onlyb)2 and 3 onlyc)3 onlyd)1, 2 and 3Correct answer is option 'C'. Can you explain this answer? for UPSC 2024 is part of UPSC preparation. The Question and answers have been prepared according to the UPSC exam syllabus. Information about With reference to the Pradhan Mantri Fasal Bima Yojana, consider the following statements:1. The Central and the State Governments pay complete premium amount for crop insurance.2. The Scheme is mandatory for the farmers who availed institutional finance.3. The farmers are required to fill loss reports online, which are validated by the insurance companies, before the compensation amount is paid directly in their accounts.Which of the statements given above is/are correct?a)1 and 2 onlyb)2 and 3 onlyc)3 onlyd)1, 2 and 3Correct answer is option 'C'. Can you explain this answer? covers all topics & solutions for UPSC 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for With reference to the Pradhan Mantri Fasal Bima Yojana, consider the following statements:1. The Central and the State Governments pay complete premium amount for crop insurance.2. The Scheme is mandatory for the farmers who availed institutional finance.3. The farmers are required to fill loss reports online, which are validated by the insurance companies, before the compensation amount is paid directly in their accounts.Which of the statements given above is/are correct?a)1 and 2 onlyb)2 and 3 onlyc)3 onlyd)1, 2 and 3Correct answer is option 'C'. Can you explain this answer?.
With reference to the Pradhan Mantri Fasal Bima Yojana, consider the following statements:1. The Central and the State Governments pay complete premium amount for crop insurance.2. The Scheme is mandatory for the farmers who availed institutional finance.3. The farmers are required to fill loss reports online, which are validated by the insurance companies, before the compensation amount is paid directly in their accounts.Which of the statements given above is/are correct?a)1 and 2 onlyb)2 and 3 onlyc)3 onlyd)1, 2 and 3Correct answer is option 'C'. Can you explain this answer? for UPSC 2024 is part of UPSC preparation. The Question and answers have been prepared according to the UPSC exam syllabus. Information about With reference to the Pradhan Mantri Fasal Bima Yojana, consider the following statements:1. The Central and the State Governments pay complete premium amount for crop insurance.2. The Scheme is mandatory for the farmers who availed institutional finance.3. The farmers are required to fill loss reports online, which are validated by the insurance companies, before the compensation amount is paid directly in their accounts.Which of the statements given above is/are correct?a)1 and 2 onlyb)2 and 3 onlyc)3 onlyd)1, 2 and 3Correct answer is option 'C'. Can you explain this answer? covers all topics & solutions for UPSC 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for With reference to the Pradhan Mantri Fasal Bima Yojana, consider the following statements:1. The Central and the State Governments pay complete premium amount for crop insurance.2. The Scheme is mandatory for the farmers who availed institutional finance.3. The farmers are required to fill loss reports online, which are validated by the insurance companies, before the compensation amount is paid directly in their accounts.Which of the statements given above is/are correct?a)1 and 2 onlyb)2 and 3 onlyc)3 onlyd)1, 2 and 3Correct answer is option 'C'. Can you explain this answer?.
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