Under Pradhan Mantri Fasal Bima Yojana, the maximum premium payable by the farmers will be _________ for annual commercial crops.

Correct option is B

The correct answer is (b) 5%

• Under the Pradhan Mantri Fasal Bima Yojana (PMFBY), the maximum premium payable by farmers for annual commercial crops is 5%.

• This scheme is designed to offer crop insurance to farmers, providing coverage for losses due to natural calamities, pests, and diseases, with the government bearing part of the cost.

Information Booster:

• PMFBY was introduced in 2016 by the Government of India to help farmers recover from crop losses by providing financial support.

• The maximum premium rate for annual commercial crops under the scheme is 5%, while the premium for food crops and oilseeds is 2%.

• The scheme is subsidized by the government, with farmers only paying a fraction of the actual premium cost.

• The program ensures that farmers across India are covered against natural disasters, pests, and diseases, thereby minimizing financial distress during crop failures.

Additional Information:

• Pradhan Mantri Fasal Bima Yojana (PMFBY) is designed to provide financial protection to farmers by covering a wide range of crops and ensuring that farmers don't face major losses.

• Under this scheme, the government is committed to supporting agriculture by providing affordable insurance options to farmers.