Explanation:

Pradhan Mantri Fasal Bima Yojana

• Launched in 2016 and is being administered by the Ministry of Agriculture and Farmers Welfare.
• It replaced the National Agricultural Insurance Scheme (NAIS) and Modified National Agricultural Insurance Scheme (MNAIS).
• Aim: To provide a comprehensive insurance cover against the failure of the crop thus helping in stabilising the income of the farmers.
• Scope: All food & oilseed crops and annual commercial/horticultural crops for which past yield data is available.

Premium: The prescribed premium is 2% to be paid by farmers for all Kharif crops and 1.5% for all rabi crops. In the case of annual commercial and horticultural crops, the premium is 5%. 

• Premium cost over and above the farmer share was equally subsidised by States and GoI.
• However, GoI shared 90% of the premium subsidy for North Eastern States to promote the uptake in the region.

Implementation: By empanelled general insurance companies. The selection of the Implementing Agency (IA) is done by the concerned State Government through bidding.

• Revamped PMFBY: The revamped PMFBY is often called PMFBY 2.0, it has the following features:

Completely Voluntary: Enrolment 100% voluntary for all farmers from 2020 Kharif.

• Earlier, it was compulsory for loanee farmers availing Crop Loan/Kisan Credit Card (KCC) account for notified crops.

Limit to Central Subsidy: The Centre has decided to limit the PMFBY premium rates - against which it would bear 50% of the subsidy - to a maximum of 30% in un-irrigated and 25% in irrigated areas.

• More Flexibility to States: The government has given the flexibility to states/UTs to implement PMFBY and given them the option to select any number of additional risk covers/features.
• Investing in ICE Activities: Insurance companies have to now spend 0.5% of the total premium collected on Information, Education And Communication (IEC) activities.

Hence both statements are correct.