Question

Premium payment rate in case of horticultural crops under Pradhan Mantri Fasal Bima Yojana (PMFBY) is

• A. 1.5%
• B. 2%
• C. 3%
• D. 5%

Hint:

PMFBY Premium Rates: Kharif $= 2.0\%$, Rabi $= 1.5\%$, Commercial Horticultural $= 5.0\%$.

Answer 1

The Correct Option is D

Step 1: Understanding the Concept:
Pradhan Mantri Fasal Bima Yojana (PMFBY) fixes subsidized, uniform actuarial premium rates payable by farmers.

Step 2: Detailed Explanation:
The uniform maximum premium rates payable by farmers under PMFBY are:
1. Kharif Food and Oilseed Crops: $2.0\%$
2. Rabi Food and Oilseed Crops: $1.5\%$
3. Annual Commercial and Annual Horticultural Crops: $5.0\%$
The balance actuarial premium is shared equally between the Central and State Governments.

Step 3: Final Answer:
Therefore, the premium rate for horticultural crops is 5%.