With reference to ‘Pradhan Mantri Fasal Bima Yojana’, consider the following statements: 1. Under this scheme, farmers will have to pay a uniform premium of two per cent for any crop they cultivate in any season of the year. 2. This scheme covers post-harvest losses arising out of cyclones and unseasonal rains. Which of the statements given above is/are correct?
Explanation
The Pradhan Mantri Fasal Bima Yojana (PMFBY) is a government-sponsored crop insurance scheme.
Statement 1 is Incorrect: Under this scheme, farmers have to pay a uniform premium of 2% for all Kharif crops, 1.5% for all Rabi crops, and 5% for commercial/horticultural crops. The premium rate is not uniform for all crops in all seasons.
Statement 2 is Correct: The scheme does cover post-harvest losses arising out of cyclones and unseasonal rains.
Hence, option B is the correct answer.