Page 2 - Pradhan Mantri Fasal Bima Yojana

Farmers to give declaration to banks to opt out of 'PMFBY' scheme

Farmers with loan dues will need to give a simple declaration to their bank branch seven days before the final date for enrolment under the Pradhan Mantri Fasal Bima Yojana (PMFBY) to opt out of the scheme, the government has said.The cut-off date for enrolment is July 31 for the kharif season and December 31 for rabi.The clarification has been issued after last month's decision to make PMFBY voluntary for loanee farmers as well. For non-loanee farmers, the scheme has been optional since the beginning. Senior officials said banks have been directed to maintain a record of the declarations given by farmers, so that no premium is deducted after someone has opted to move out of the scheme. The Centre has also urged banks to conduct an awareness drive among loanee farmers to persuade they remain with the scheme. Also, to try and ensure the current beneficiaries of schemes such as PM-KISAN, Jan-Dhan, etc, remain in the PMFBY.Last month, a little more than three years after it was launched .

Why changes in crop insurance scheme could raise issues of sustainability

There are two principal changes. The first is the decision to make the scheme voluntary for non-loanee farmers and the second imposes a limit on the premium subsidy to 30 per cent for unirrigated area

Revamping farm insurance

New proposals may do more harm than good

Limiting Centre's share might push up state's burden for high-risk crops

The difference between the actuarial premium rate and the premium paid by farmers was the subsidy shared equally between the Centre and states

PMFBY scheme: Cabinet makes crop cover optional for loanee farmers

The share of non-loanee farmers, for whom the scheme is voluntary, has been steadily rising, which shows that there a vast section of growers are in favour of the scheme.

Insurers brace for highest ever claim ratio in FY20 for govt's crop scheme

Insurers are expecting claim ratio to be as high as 120 per cent this year as unseasonal rains and natural calamities led to high amount of crop damage

Making crop insurance work

PMFBY has failed to impress stakeholders

Fixing crop insurance

There are many shortcomings in the design of the PMFBY

Best of BS Opinion: RCEP and the two futures for India and its industry

Is Sri Lanka the next Argentina? What will it take for Indian businesses to compete globally? What are the key elements of a sustainable end of life policy for commercial vehicles?

Private Cos pull out of PM crop insurance scheme due to unviable biz model

ICICI Lombard General Insurance, Tata AIG and Cholamandalam MS General Insurance, have pulled out of the Pradhan Mantri Fasal Bima Yojana

Agriculture Insurance Co planning to launch crop reinsurance schemes abroad

Agriculture Insurance Company (AIC), for now, is looking to launch reinsurance in countries like Nepal, Sri Lanka, Philippines and Bangladesh

Govt-owned AIC mulls launching crop reinsurance services outside India

The firm is currently in discussions with intermediaries to launch the product by January 2020

Insurance flaws

PMFBY fails to live up to the hype

The govt may make PM's crop insurance scheme voluntary and that may kill it

The proposal to make PMFBY voluntary was part of the Bharatiya Janata Party's 2019 election manifesto. Why is the government proposing to jettison the scheme?

Domestic, foreign insurers big gainers under PMFBY; pool mechanism on cards

In the last six seasons, close to Rs 5,000 crore has flown to the books of foreign reinsurers, as overall claim ratio has been just around 77%

Should govt's PMFBY crop insurance scheme be voluntary for farmers?

Some experts say voluntary Pradhan Mantri Fasal Bima Yojana may hit farmer enrolments, unless the scheme is made more attractive

Under Modi's crop insurance scheme, farmers owed a whopping Rs 28 billion

PMFBY guidelines require that the claims be settled within two months of harvest

Farmers' coverage stagnant but premiums up 350% under PM's flagship scheme

Gross premium collected increased by Rs 368.48 billion or 348%, but the coverage has remained pretty much stagnant

Try alternatives before imposing the penalty: Crop insurance firms to govt

The new operational guidelines tries to address several complaints, but the biggest among them is imposing a sort of penalty on insurance companies and state governments

PMFBY: Govt plans to impose financial penalties to push agri crop insurance

Almost 30% or a third of the agriculture ministry's budget, is spent on premium for the PMFBY every year