The Union Cabinet has approved revamping of “Pradhan Mantri Fasal Bima Yojana (PMFBY)” and “Restructured Weather Based Crop Insurance Scheme (RWBCIS)” to address the existing challenges in implementation of Crop Insurance Schemes.
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The Centre has slashed its share of the premium subsidy from the current 50% to just 25% in irrigated areas and 30% for unirrigated areas. Farmers pay a fixed share of the premium: 2% of the sum insured for Kharif crops, 1.5% for rabi crops and 5% for cash crops. Currently, the Centre and State split the balance of the premium equally. However, the revamp now reduces the burden on the Centre and increases the share of States.
