Incorporate the best features of all previous scheme and at the same time, all the previous short coming/weakness have been removed The new crop insurance scheme is in line with one nation scheme theme. It. The PMFBY will replace the existing two scheme National agriculture Insurance Scheme well as the modified NAIS.
The Centre has allowed to set up their own insurance company for implementing the Pradhan Mantri Fasal Bima Yojana{PMFBY}, Radha Mohan Singh senior Agriculture minister said.
We have allowed the states to established their own crop insurance companies to implement PMFBY subject to participation in bidding process. The official said, presently five public sector insurers 13 private insurance company are empanelled for implementation of the scheme.
The public insurers include Agriculture insurance company of India (AIC), united India insurance company (UICC), National insurance company (NIC), Oriental insurance company (OIC) and New India Assurance company (NIAC).
PMFBY provide comprehensive crop insurance from pre-snowing to post harvest against non preventable natural risk at extremely low premium rate 2 percent for kharif crop, 1.5 percent for rabi crops and 5 percent for horticulture and commercial crops. This scheme is launched in 2016. The balance premium is paid state and central equally. The government is in the process of assessing the claim. During 2017-2018 crop year 4.79 corers farmer have been covered under the PMFBY .
