Pension and Insurance

Economic Affairs

Title

45:30

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Indian Economy - Understanding the basics of Indian economic system

Consider the following statements:

1. The Pradhan Mantri Fasal Bima Yojana (PMFBY) was launched on 18 February 2016 as an insurance service for farmers for their yields.

2. Selection of Implementing Agency (IA) is done by the Central Government through bidding.

3. The scheme is being administered by the Ministry of Agriculture & Farmers welfare

Which of the statements given above is/are correct?

2 only

3 only

1 and 3 only

1, 2 and 3

(PMFBY) :

The Pradhan Mantri Fasal Bima Yojana (PMFBY) was launched on 18 February 2016 as an insurance service for farmers for their yields. It was formulated in line with the One Nation–One Scheme theme; it replaced earlier two schemes National Agricultural Insurance Scheme (NAIS) and Modi fi ed National Agricultural Insurance Scheme (MNAIS).
It aims to provide comprehensive insurance cover against failure of the crop, reduce the premium burden on farmers and ensure early settlement of crop assurance claims for the full insured sum.
The Scheme covers all Food & Oilseeds crops and Annual Commercial/Horticultural Crops for which past yield data is available and for which requisite number of Crop Cutting Experiments (CCEs) are being conducted under General Crop Estimation Survey (GCES).
The scheme is implemented by empanelled general insurance companies.
Selection of Implementing Agency (IA) is done by the concerned State Government through bidding.
The scheme is compulsory for loanee farmers availing Crop Loan /KCC account for noti fi ed crops and voluntary for others.