|Launch Date||11 October 2014|
PMFBY is a crop insurance scheme of Modi govt. to provide coverage to farmers in case their crops gets destroyed by heavy rain, natural calamities, pests or diseases. PM Fasal Bima Yojana will stabilize the income of farmers to ensure their continuance in farming and would encourage them to adopt innovative and modern agricultural practices. This scheme will ensure flow of credit to the agriculture sector. The premium amount for Kharif crops is 2% and 1.5% of sum insured for Rabi crops. Kharif and Rabi covers most food crops and oil crops cultivated in India.