Odisha farmers will now get crop insurance at 2 percent premium

Under the Pradhan Mantri Fasal Bima Yojana (PMFBY), farmers in Odisha will now get a benefit of crop insurance in premium of 2 per cent. The rest of the premium burden will be shared by the State and the Central government. Previously, farmers were paying a premium of 4 to 15 per cent to insure crops.

The new crop scheme is pro-farmer and prepared after consultations with various stakeholders including Ministries/Department, NITI Aayog, State Governments, Insurance regulatory and Development Authority, insurance companies etc.

Odisha government will consult with private insurance companies. Insurance will cover the losses on account of natural calamities.