PMFBY is an actuarial premium based scheme under which farmer has to pay maximum premium of 2% for Kharif, 1.5% for Rabi food & oil seed crops and 5% for annual commercial/horticultural crops and remaining part of the actuarial/bidded premium is shared equally by the Centre and State Government. One of the objectives of the scheme is to facilitate prompt claims settlement. The claims must be settled within two months of harvest subject to timely provision of both yield data and share of premium subsidy by the State Government.
13,793,975 Farmers Benefited by this scheme in 2017 Kharif.
Source Credits : https://pmfby.gov.in/stateWiseDataPage