Current Affairs · Government Schemes
Which of the following options correctly outlines the uniform premium structure and risk coverage parameters under the Pradhan Mantri Fasal Bima Yojana (PMFBY)?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1Farmers pay a token Re. 1 per season irrespective of crop, with the entire actuarial premium subsidized solely by private insurance firms.
- 2Farmers pay 4% for all foodgrain crops and 6% for all other crops, with the Central Government bearing the entire remaining premium without state contributions.
- 3Farmers pay 2% of sum insured for Kharif foodgrain and oilseeds, 1.5% for Rabi foodgrain and oilseeds, and 5% for commercial/horticultural crops, with the balance shared between Centre and States.✓
- 4Farmers pay a flat 10% premium for all crops with no subsidy from Centre or States, and post-harvest losses are entirely excluded from the scheme.
Correct answer
Farmers pay 2% of sum insured for Kharif foodgrain and oilseeds, 1.5% for Rabi foodgrain and oilseeds, and 5% for commercial/horticultural crops, with the balance shared between Centre and States.
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