Pradhan Mantri Fasal Bima Yojana (PMFBY) is a flagship scheme of Government of India. What is not correct about this scheme?
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Remember that PMFBY replaced the National Agricultural Insurance Scheme (NAIS) and the Modified NAIS. It was introduced in early 2016 and implemented for the first time during the Kharif 2016 crop cycle.
PMFBY is currently the largest crop insurance scheme in the world in terms of farmer enrolments.
The scheme is implemented on an 'Area Approach' basis.
It was launched in the 2015 kharif season to provide comprehensive insurance coverage to farmers in case of crop failure.
The scheme was revamped w.e.f kharif 2020 with many new features such as voluntary participation for all farmers, selection of Insurance Companies, etc.