Updated By: LatestGKGS Desk
Pradhan Mantri Fasal Bima Yojana Premium Rates, Maturity Amount
PMFBY: PM Narendra Modi's Pradhan Mantri Fasal Bima Yojana Premium Rates Life Cover Maturity Amount
Pradhan Mantri Fasal Bima Yojana administered by the Ministry of Agriculture and farmers Welfare Government of India aims to provide crop insurance support to the farmers.
Government of India provides financial support to the thousands of farmers throughout this scheme.
Under PMFBY, the premium is set to be low so that the farmers can survive even if the yield is damaged
The cost of this yojana is Rs. 17,600 crore for the flooring of the plan.
The premium is set Rs.6,800 per month for 15 years and life cover the farmer will get is 8 lakh and Maturity amount in 15 years is 21.2 lakh.
The premium rate for kharif crops is 2% of the sum assured and the premium rate for Rabi crops is 1.5% of the sum assured.
For commercial and horticulture crops the premium rate is 5%.
