The correct answer is Pradhan Mantri Fasal Bima Yojana (PMFBY).
The Pradhan Mantri Fasal Bima Yojana (PMFBY) is a crop insurance scheme launched by the Government of India in 2016. The scheme provides financial assistance to farmers in the event of crop failure due to natural calamities. The scheme is implemented by the Ministry of Agriculture and Farmers Welfare.
The PMFBY is a comprehensive crop insurance scheme that covers all major Kharif and Rabi crops. The scheme provides insurance cover against a wide range of natural calamities, including floods, droughts, hailstorms, and pest attacks.
The PMFBY is a voluntary scheme, and farmers are not required to take insurance. However, the government has made it mandatory for farmers who take loans from banks to take insurance under the PMFBY.
The PMFBY is a subsidized scheme, and the government bears a major share of the premium. The premium rate for the PMFBY is fixed at 2% for Kharif crops and 1.5% for Rabi crops. However, the government provides a subsidy of 50% to small and marginal farmers and 30% to other farmers.
The PMFBY has been a major success, and it has helped to protect farmers from the adverse effects of natural calamities. The scheme has also helped to increase the insurance penetration in the agriculture sector.
The other options are:
- Kisan Credit Card Scheme: The Kisan Credit Card Scheme is a credit scheme for farmers. The scheme provides loans to farmers for agricultural purposes. The loans are provided at a low interest rate, and the repayment period is flexible.
- Mukhyamantri Parivar Samridhi Yojana: The Mukhyamantri Parivar Samridhi Yojana is a social security scheme for the families of farmers. The scheme provides financial assistance to the families of farmers who die in the line of duty.
- Mera Pani Meri Virasat: The Mera Pani Meri Virasat is a water conservation scheme. The scheme aims to conserve water and improve the water management practices in the state of Haryana.