PMFBY

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

Number of farmers availing of the scheme reaches all-time high of 25 mn

Crop insurance claims worth around Rs 2,761.10 crore under the Pradhan Mantri Fasal Bima Yojana (PMFBY) were pending till 2021-22, with maximum pendency of claims in Rajasthan, Maharashtra and Gujarat, Parliament was informed on Tuesday. The admissible claims under the PMFBY are generally paid by the concerned insurance companies within two months of completion of harvesting period and one month of notification for invoking the risks of prevented sowing, mid-season adversity and post harvest losses. It is also subject to receipt of a total share of premium subsidy from the concerned government within time. "However, settlement of few claims in some states got delayed due to reasons like delayed transmission of yield data; late release of their share in premium subsidy, yield-related disputes between insurance companies and states...," Agriculture Minister Narendra Singh Tomar, in his written reply to the Lok Sabha, said. As per the data placed by the minister, about Rs 2,761.10 cr

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 .

Centre willing to make additional pro-farmer changes in response to climate change

The Centre is set to launch a doorstep distribution drive for the Pradhan Mantri Fasal Beema Yojana (PMFBY) that entered its seventh year on Friday.

PMFBY has been falling short of expectations

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

Response to PMFBY remains underwhelming

He urged other growers -- who have not yet got one -- to enroll soon

Bharti AXA General Insurance said it has received Rs 800 crore worth crop insurance mandate from Maharashtra and Karnataka governments to insure farmers in both the states under the PMFBY

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 .

New proposals may do more harm than good

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.

The Union Cabinet has approved many changes in the PMFBY programme as farmers' body and states were raising some concerns

There are many shortcomings in the design of the PMFBY

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Under the scheme, while AIC will use offices, manpower and rural reach of the three companies, it will offer 12.5 per cent of the premium collected to each of the three companies

PMFBY fails to live up to the hype

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%