Question

What is the premium rates for Rabi season crops to be paid by farmers in PMFBY scheme?

• A. 1.5 percent
• B. 2 percent
• C. 2.5 percent
• D. 3 percent

Hint:

PMFBY charges farmers 2 percent for Kharif and a lower fixed rate for Rabi food/oilseed crops.

Answer 1

The Correct Option is A

Step 1: PMFBY fixes three flat farmer-premium slabs by season and crop type, rather than charging the full actuarial premium to the farmer.

Step 2: Kharif food and oilseed crops sit at the 2 percent slab, and commercial and horticultural crops sit at the higher 5 percent slab, leaving the Rabi food and oilseed crop slab as the lowest of the three.

Step 3: That lowest, Rabi-season slab is fixed at 1.5 percent of the sum insured. \[\boxed{1.5\%}\]