PMFBY was restructured by combining the Weather Based Crop Insurance Scheme (WBCIS) and modified National Agriculture Insurance Scheme (NAIS) during the year 2016-17. This scheme has been implemented since kharif crops 2016.
Under this Scheme, Premium Subsidy is provided in following manner:
- For kharif crops is 2 per cent,
- For rabi corps is 1.5 per cent,
- For annual horticulture and commercial corps is 5 per cent