Crop insurance claims under PMFBY on increase in last two years

As per the estimated figures quoted by the agriculture ministry, lot many farmers have benerfiited from the Pradhan Mantri Fasal Bima Yojana (PMFBY) that provides the insurance coverage to various crops in wake of natural calamities

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New Delhi: As per the union agriculture ministry, the disbursement of monetary assistance under the Pradhan Mantri Fasal Bima Yojana (PMFBY) to the farmers has been increasing since its launch in Kharif 2016.

As per the information given by the Minister of State for Ministry of Agriculture & Farmers Welfare, Mr Parshottam Rupala in the Parliament, during Kharif 2016 and Rabi 2016-17, the claims amounting to Rs 10,505.27 crore and Rs 5,991.74 crore have been estimated respectively, out of which claims of Rs 10,283.91 crore and Rs 5,052.84 crore have already been paid for these seasons. During Kharif 2017, out of total estimated claims of Rs 15,895.85 crore, claims of Rs 9,628.61 crore have already been paid to the farmers.

The PMFBY scheme was introduced from Kharif 2016 season in the country. Gathering from the scheme implementation, as per the ministry, its experience review is an ongoing process and is done in consultation with all the Stakeholders.

The scheme is optional for the States/ Union Territories (UTs) and so far, the scheme has been opted for implementation by 27 States/UTs. in one or more season(s) since inception in April, 2016 on the basis of their perception of risk to crops in their States.

The scheme provides comprehensive risk coverage from pre-sowing to post harvest losses due to non-preventable natural risks and since sum insured has been equated with Scale of Finance, the farmers are provided with maximum risk coverage and at a minimum uniform fixed premium rate payable by them i.e. maximum 2 percent for Kharif crops, 1.5 percent for Rabi Crop and 5 percent for annual commercial/horticultural crops, with balance of actuarial/bidded premium to be shared by the Central and State Government on 50 : 50 basis.

Moreover, under the scheme since unit area of insurance has been lowered to village/village panchayat level for assessment of losses of major crops and to individual farm level for assessment of losses due to localized calamities of hailstorm, landslide and inundation and post-harvest losses, the assessment of
Losses are more realistic.

The seasonality discipline has been made more stringent thereby facilitating more prompt settlement of claims. Further with the setting up of National Crop Insurance Portal for scheme administration not only can the farmer also enroll under the scheme directly but will be able to track the entire process of his claim settlement.