West Bengal government has rolled out its own scheme “Bangla Fasal Bima Yojana” of crop insurance and has effectively stopped implementing the Central scheme on crop insurance PMFBY from Kharif 2019.
From Kharif 2016, the Centre had introduced yield-based Pradhan Mantri Fasal Bima Yojana (PMFBY) and weather-index based Restructured Weather Based Crop Insurance Scheme (RWBCIS) to provide financial support to farmers suffering crop loss/damage arising out of natural calamities or adverse weather incidence.
It may be noted that, PMFBY is voluntary for state government.
Actuarial/bidded premium rate is charged by the insurance companies. But farmers have to pay maximum of 2 per cent of sum insured for Kharif and 1.5 per cent for Rabi food and oilseed crops and 5 per cent for commercial/horticultural crops. Remaining part of actuarial premium is shared equally the Centre and the State government