Farmer yields are insured by the Pradhan Mantri fasal bima yojana (PMFBY), which Prime Minister Narendra Modi introduced on February 18, 2016. It was created in accordance with the One Nation-One Scheme philosophy and was intended to replace the two previous programmes, the National Agricultural Insurance Scheme (NAIS) and the Modified National Agricultural Insurance Scheme (MNAIS), by combining their finest elements and eliminating their flaws (shortcomings). It aims to lessen the financial burden of premiums on farmers and assure prompt payment of crop insurance claims for the entire amount insured.
