Decision included the continuation of the Pradhan Mantri Fasal Bima Yojana (PMFBY) and Restructured Weather Based Crop Insurance Scheme (RWBCIS). 

Key Modifications approved

• Continuation of the Scheme: Till 2025-26 with an outlay of Rs.69,515.71 Crore 
• Large Scale Technology Infusion: Through the Fund for Innovation and Technology (FIAT) with a corpus of Rs.824.77 Crore. 
  • To be utilised for funding technological initiatives under the scheme namely, YES-TECH, WINDS, etc. 

About PMFBY & RWBCIS

• Aim:  Provide an affordable crop insurance product for comprehensive risk cover against all non-preventable natural risks from pre-sowing to post-harvest stage.
  • RWBCIS covers the insured farmers against loss from adverse weather conditions like rainfall, temperature, wind, humidity etc.
  • PMFBY and RWBCIS primarily differ in their methodology for calculation of admissible claims by farmers.
• Coverage: All farmers including sharecroppers and tenant farmers growing notified crops in the notified areas.
• Crops Covered: Food crops (Cereals, Millets and Pulses); Oilseeds; Annual Commercial / Annual Horticultural crops, etc.
• Risks Covered: Basic cover (risk of yield loss); add-on covers based on specific needs; Post harvest losses (maximum to 2 weeks after harvesting); localised calamities; etc.
• Premium Paid by farmers: Kharif crops (2%); Rabi Crops (1.5%); Commercial Horticulture crops (5%). 
• Exclusions: Losses arising out of war and nuclear risks, and other preventable risks.