- It is a crop insurance scheme designed to protect farmers against crop losses due to various natural calamities, pests, and diseases.
- Aim - To provide financial support, stabilize farmer income, and encourage the adoption of modern agricultural practices.
- Key Features - PMFBY provides insurance coverage for a wide range of crops, including rice, wheat, pulses, and commercial crops.
- The scheme offers low premium rates, with the government bearing the balance premium to ensure full insurance coverage.
- PMFBY utilizes technology like satellite imagery and remote sensing for crop area estimation, yield estimation, and loss assessment.
- The scheme streamlines the claims process, making it easier for farmers to access insurance benefits.
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