According to the Pradhan Mantri Fasal Bima Yojana (PMFBY), farmers have received insurance payouts that are nearly five times the amount they paid in premiums. The central government is running the PMFBY to compensate farmers for crop losses. Under this scheme, farmers can insure their crops by paying a nominal premium.
Union Minister for Agriculture and Farmers Welfare, Shivraj Singh Chauhan, informed the Lok Sabha on Tuesday that the PMFBY has been helping farmers since 2016, benefiting approximately 3.97 crore farmers to date. He stated that under the PMFBY, farmers have paid around 32,440 crore rupees in premiums, and in return, they have received claim payments amounting to 1.64 lakh crore rupees.
The Union Agriculture Minister mentioned that under the PMFBY, almost all crops are insured to reduce farmers' risks and compensate for their losses. He highlighted that farmers have received claim payments that are five times higher than the premium amounts they paid.
To avoid delays in claim settlements, arrangements have been made to assess crop losses through remote sensing. It was found that delays in insurance claim settlements are mostly due to state governments. The minister emphasized that the smooth implementation of this scheme is also the responsibility of the states. He further stated that insurance companies delaying payments to farmers would face a 12% penalty.
Read More... Until 2021-22, crop insurance claims worth 2,761.10 crore rupees were pending under the PMFBY scheme
During the Kharif season, the PMFBY provides maximum compensation to farmers at minimal premium rates, making them self-reliant. Under the PMFBY, the government provides subsidies for crop insurance. For schemes like the PMFBY, farmers need to pay a nominal premium of up to 2% for Kharif crops and 1.5% for Rabi crops.
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