Question
A farmer growing a horticultural crop under PMFBY pays a premium of 5% of the sum insured. If the sum insured is ₹1,00,000, how much does the farmer pay as premium, and how much is shared between Centre and State?
Solution
Answer: (b) For horticultural crops, the farmer pays 5% of sum insured (₹5,000 on ₹1,00,000). The balance between 5% and the actuarial premium is shared 50:50 between Centre and State.
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