Updated By: LatestGKGS Desk
Bihar CM Nitish Kumar Introduces New Insurance Scheme For Farmers
Bihar Chief Minister Nitish Kumar Introduces New Insurance Scheme For Farmers- Details, Features, Benefits
In a significant move, Bihar government has introduced their own scheme, which entitles farmers to compensation without having to pay any premium.
The decision was welcomed in a cabinet meeting chaired by Bihar Chief Minister, Nitish Kumar where he had rejected the insurance scheme initiated by the center for the farmers earlier.
Under the new insurance scheme, farmers would be paid a compensation of Rs 7500 rupees per hectare if less than 20% of the standing crop is damaged and ten thousand in case damage is more than 20%.
Farmers do not have to pay any premium as per the scheme.
The Bihar government also suggested that the new scheme 'Bihar Rajya Fasal Sahayata Yojna' will have a wider coverage than the 'Pradhan Mantri Fasal Bima Yojana' that covers farmers who have taken loans from national and cooperative banks or financial institutions.
According to the central scheme, both the state and the center bear 49 % of the cost of the premium. The Target beneficiaries have to pay the remaining 2%.The center had fixed the amount which a state has to pay to insurance companies under this scheme
