INSURANCE Scheme (NAIS) was the Government-sponsored crop insurance scheme launched on 22 June 1999.The objective of the scheme was to provide financial support to the FARMERS in the event of the FAILURE of crops as a result of natural calamities, pests, and diseases.The implementing agency of the scheme was the Agriculture Insurance Company of India (AIC) Ltd.It covers all the food crops (cereals, millets, and pulses), oilseeds, and annual commercial/horticultural crops. About Pradhan Mantri Fasal Bima Yojana (PMFBY)The Pradhan Mantri Fasal Bima Yojana was launched in 2016 and is being administered by the Ministry of Agriculture and Farmers Welfare.It provides a comprehensive insurance cover against the failure of the crop thus helping in stabilising the income of the farmers.All food & oilseed crops and annual commercial/horticultural crops for which past yield data is available.The prescribed premium is 2% to be paid by farmers for all Kharif crops and 1.5% for all RABI crops.In the case of annual commercial and horticultural crops, the premium is 5%.The scheme is implemented by empanelled general insurance companies.The selection of the Implementing Agency (IA) is DONE by the concerned State Government through bidding.