Crop Insurance

Agriculture minister Narendra Singh Tomar on Friday informed Parliament that for every Rs 100 of premium paid by farmers under the flagship scheme Pradhan Mantri Fasal Bima Yojana (PMFBY), they have received about Rs 514 as claims. Since implementation of PMFBY in 2016, around 38 crore farmer applicants have been enrolled and over 12.37 crore (provisional) have received claims, he said in his written reply to the Rajya Sabha. "During this period, nearly Rs 25,252 crore were paid by farmers as their share of premium against which claims of over Rs 1,30,015 crore (provisional) have been paid to them. Thus, for every 100 rupees of premium paid by farmers, they have received about Rs 514 as claims," the minister said. PMFBY was launched with an aim to address problems of high premium rates for farmers and reduction in the sum-insured due to capping. In a separate reply, the minister said the PMFBY is available for all states/UTs and is voluntary for them. It is also voluntary for the .

With the launch of the module, claims will be disbursed electronically, which will benefit the respective farmers of six states

The Jammu and Kashmir government has extended Pradhan Mantri Fasal Bima Yojana (PMFBY) to the farmers of all 20 districts of the union territory, an official said on Friday.

The Centre on Wednesday said it will expedite the payment of a Rs 540 crore claim of the kharif 2021 season to eligible farmers of Barmer district, Rajasthan

Despite the price hikes, margins continued to be under pressure in the quarter

Amid reports of some insurance companies making profits in the government's flagship crop cover scheme PMFBY, the Centre is planning to revamp the programme to rationalise premium rate and encourage participation of more insurers. The likely key changes to the scheme will be implemented from 2023-24 crop year (July-June) after the cabinet approval, according to sources. The Pradhan Mantri Fasal Bima Yojana (PMFBY), launched in February 2016, aims to provide financial support to farmers suffering crop loss/damage arising out of natural calamities. Under this scheme, maximum premium payable by farmers is 2 per cent for all food and oilseeds crops grown in the kharif (summer) season, 1.5 per cent for same crops grown in rabi (winter) season and 5 per cent for commercial and horticulture crops. The difference between premium and the rate of insurance charges payable by farmers is shared equally by the Centre and states. The scheme was last revamped in 2020 to enable voluntary ...

According to UP government sources, till date, compensation of Rs 3,074.6 crore has been deposited in the accounts of 27.5 lakh farmers in UP under PMCIS

It is estimated that the Insurance Regulatory and Development Authority of India (Irdai)'s move to ease solvency margin will unlock nearly Rs 1400 crore.

Irdai expects that the effect of the relaxation will be positive on the industry as it will free up the capital, which can be utilised for underwriting more business

The doorstep campaign will be launched in all implementing states in the upcoming Kharif season beginning June, the ministry said in a statement

The MicroFinance Institutions' Network is planning to introduce this product with Cholamandalam MS General Insurance as insurer

Delay on the part of states in releasing their share of premium subsidy under PMFBY has been a key reason for the delay in claim settlement over the years, the Centre informed Parliament

While the govt has moved fast on cash support and hike in fertiliser subsidy, the spike in rural Covid cases and tapering yields could hurt

Kataria said on Wednesday that the pending amount of insurance claims of farmers till 2020 would be paid by March 31 under the Prime Minister Crop Insurance Scheme

Five years on, PMFBY still suffers from multiple flaws

Standalone health insurers, however, see a 38% spike in collections on the back of heavy demand for health covers

Reliance General Insurance on Monday said it has partnered with SatSure for satellite-based crop monitoring and predictive analytics support to better risk management and improve efficiency of its crop insurance business operations. As part of the partnership, RGICL will supply extensive ground observation data and generate timely reports through SatSure Analytics' SAGE platform, combining the analysis of Earth Observation data, the company said in a release. It will help address the key areas of crop health, soil moisture, crop sown area, crop yield estimation and crop loss estimation, the company added. "We are committed to invest in technology and innovation to make crop insurance a success and our partnership with SatSure is aligned with this goal. It's a key step in our customer-centric approach for timely and efficient insurance servicing while being able to effectively and remotely monitor the business risks," said Rakesh Jain, ED & CEO, Reliance General Insurance. The ...

Union government has agreed to give farmers in five districts of Madhya Pradesh time till September 7 to pay premium under the PM's crop insurance scheme, state agriculture minister Kamal Patel said

In a relief for farmers, the Madhya Pradesh government has extended the last date of paying the premium for the Prime Minister's Crops Insurance Scheme to August 31

From imposing penalties on insurance companies and states that delay claim payment to farmers, to making the scheme voluntary for farmers, PMFBY has seen many twists and turns since inception