Under Pradhan Mantri Fasal Bima Yojana, the maximum premium payable by the farmers will be _________ for rabi crops.
Show answer & explanation
Correct answer: C
Explanation
The correct answer is option 3 i.e.1.5%.
Under the Pradhan Mantri Fasal Bima Yojana, the maximum premium payable by farmers for rabi food grain and oilseed crops is 1.5% of the sum insured, or the actuarial rate, whichever is lower. This means farmers pay a capped premium rate of 1.5%, with the remaining actuarial premium subsidized equally by the Central and State governments, ensuring affordability and encouraging broader participation in the scheme.