Which of the following statements are correct with respect to PMFBY Pradhan Mantri Fasal Beema...........

Economic Affairs Pension and Insurance

Which of the following statements are correct with respect to PMFBY (Pradhan Mantri Fasal Beema Yojana)?

1. Under PMFBY the farmers need to pay uniform premium of only 2% for all Kharif crops, 1.5% for all Rabi crops and 5% for all commercial and horticulture crops.

2. Yield losses due to non-preventable risks like natural fire, lightening, hailstorm, cyclone, hurricane, tornado are also covered under the scheme.

3. Under PMFBY, it is mandatory to use the technology such as smart phones, drones, etc. to capture and upload data to reduce delays in payment of claim.

Select the correct answer using the codes given below

2 and 3

1, 2 and 3

2 Only

1 and 2

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Explanation:

All the statements are correct.

Pradhan Mantri Fasal Bima Yojana (PMFBY) is the new crop insurance scheme launched by Central Government. PMFBY will replace the existing two schemes National Agricultural Insurance Scheme as well as Modified NAIS which have had some inherent drawbacks. Pradhan Mantri Fasal Bima Yojana which will be implemented in every state of India, with association with the respective State Governments. This crop insurance scheme will be administered under the Ministry of Agriculture and Farmers’ Welfare, Government of India.
Some of the innovative features of the scheme are-

Lower premiums compared to existing insurance schemes.
Insuring income of the farmer and not crop per se.
In PMFBY, there will not be a cap on the premium and reduction of the sum insured.
Promises to provide prompt and easy settlement of claims through the use of technology like GPS, smart phones, remote sensing and drones to access actual crop damage.
25 per cent of the likely claim will be settled directly on farmers account.
There will be one insurance company for the entire state.
The scheme also provides for coverage of post-harvest losses.
Covers localised crop losses like hailstones.