PMFBY is an insurance scheme aimed to safeguard farmers income. This scheme has been designed in line with the One Nation–One Scheme and replaces three older initiatives, viz-Modified National Agricultural Insurance Scheme (MNAIS), Weather-based Crop Insurance Scheme and the National Agricultural Insurance Scheme (NAIS) by incorporating their best features and removing inherent shortcomings to improve insurance services available to the farmers. The scheme was launched in 2016.