Crop Insurance Schemes

Coverage of Rs 2 lakh was offered under PMSBY while a coverage of Rs 5 lakh was offered under GAIS

The Cabinet also decided that when states engaged any insurance company for PMFBY, the insurer would have to stay enrolled for at least three years, against the earlier provision of one to three years

A rise in the number of non-loanee farmers under PMFBY is an indicator of voluntary acceptance of the scheme

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

The Central government agreed to Maharashtra government's demand of extending cut-off date for enrolment of farmers from July 15 to July 23 for Kharif season 2021

In a major farmer outreach, the government on Thursday launched a special drive to enrol more cultivators under the Pradhan Mantri Fasal Bima Yojana (PMFBY)

Here's a selection of Business Standard opinion pieces for the day

Maharashtra Chief Minister Uddhav Thackeray on Thursday demanded that the states' share in the Pradhan Mantri Pik Vima Yojana (PM's crop insurance scheme) should remain at 50 percent

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

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

PMFBY has failed to impress stakeholders

There are many shortcomings in the design of the PMFBY

Centre is also looking at technological upgradation for smooth data integration and faster claim settlement

To increase the share of coverage of non-loanee farmers, the Centre has fixed a target of 10 per cent incremental growth for companies

Gross cropped area has reduced to 24% in 2017-18 from 30% in 2016-17 when the actual target for the current year was 40%

Insurance cos collected gross premium of Rs 15,891 cr while claims totalled Rs 5,962 cr: CSE report

Says over Rs 32,000-crore released to insurers from 2011-16 without verification of beneficiaries