Farmers of Haryana have received a big sigh of relief as the government has extended the deadline for Horticulture Crop Insurance Scheme. Horticulture farmers can now apply for insurance under the Mukhyamantri Bagwani Bima Yojana till July 31, which was initially set for May 31. This affordable scheme offers crop insurance at 2.5% premium for 46 horticulture crops.
What is Mukhyamantri Bagwani Bima Yojana (MBBY)?
Mukhyamantri Bagwani Bima Yojana (MBBY) is an initiative by the govt. to help farmers cope with the loss of crops due to adverse weather conditions such as floods, hailstorms, frost, and fires.
Under the scheme farmers get some compensation from the Haryana Government in case of loss of crops of Haryana Farmers. However, if the loss is 100 percent, then vegetable and fruit farmers are entitled to get Rs. 30,000 and Rs 40,000 per acre, respectively, as compensation.