Consider the following statements regarding Pradhan Mantri Fasal Bima Yoajan 1 Under this scheme the...........

Economic Affairs Pension and Insurance

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Consider the following statements regarding Pradhan Mantri Fasal Bima Yoajan?

1. Under this scheme there is a uniform premium of only 1.5% to be paid by farmers for Kharif crops.

2. The premium for annual commercial and horticultural crops will be 5%.

Which of the statement(s) given above is/are correct?

1 only

2 only

Both 1 and 2

None

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Explanation:

Pradhan Mantri Fasal Bima Yojana was launched in 2016. Premium: It envisages a uniform premium of only 2% to be paid by farmers for Kharif crops, and 1.5% for Rabi crops. The premium for annual commercial and horticultural crops will be 5%.The scheme is mandatory for farmers who have taken institutional loans from banks. It’s optional for farmers who have not taken institutional credit.