With reference to Pradhan Mantri Fasal Bima Yojana consider the following statements I In case of an...........

Agriculture and Rural Development (Phase-I/II) Agronomy

With reference to Pradhan Mantri Fasal Bima Yojana consider the following statements?

I. In case of annual commercial and horticultural crops, the premium to be paid by farmers will be only 5 per cent.

II. There is no upper limit on Government subsidy. Even if balance premium is 90 per cent, it will be borne by the Government

III. 25 per cent of the likely claim will be settled directly on farmers account and there will be one insurance company for the entire state as well as farm level assessment of loss for localised risks and post-harvest loss.

Which of the above statements are correct?

Only I

Only II

Only II and III

Only I and II

All of the above

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Explanation:

The Government of India launched a new agricultural insurance scheme in —Pradhan Mantri Fasal Bima Yojana (PMFBY). The highlights of this scheme are as given below:
1. There will be a uniform premium of only 2 per cent to be paid by farmers for all kharif crops and 1.5 percent for all rabi crops.
2. In case of annual commercial and horticultural crops, the premium to be paid by farmers will be only 5 per cent.
3. The premium rates to be paid by farmers are very low and balance premium will be paid by the government to provide full insured amount to the farmers against crop loss on account of natural calamities.