PMFBY: Companies paid 6,624 crore crop insurance claims

The PMFBY was launched in January 2016 replacing the older schemes to ensure farmers pay less premium and get full and early settlement of the claims 22,344.93 crore gross premium collected during the 2016-17 crop year.

By: Express News Service | Published:August 13, 2017 2:33 am
Pradhan Mantri Fasal Bima Yojana, PMFBY, crop insurance scheme, farmers, crop insurance, indian express news The 2016-17 crop year (July-June) received good monsoon.

Insurance firms have settled claims of Rs 6,624.65 crore to farmers so far in the first year of the roll out of the Pradhan Mantri Fasal Bima Yojana (PMFBY) in 2016-17, the agriculture ministry has said.

PMFBY

The PMFBY was launched in January 2016 replacing the older schemes to ensure farmers pay less premium and get full and early settlement of the claims 22,344.93 crore gross premium collected during the 2016-17 crop year , and total claims are estimated to be 15,100.68 crore.

9,446.83 crore of claims have been approved and claims of Rs 6,624.65 crore have already been settled/paid by insurance companies.

CLAIM CALCULATION

Claim calculation for some crops/areas for Kharif 2016 and most of the areas/crops for Rabi 2016 is yet to be made by insurance companies.

The 2016-17 crop year (July-June) received good monsoon.

HOW THE OLD SCHEMES FARED

In erstwhile crop insurance schemes, claims settled were only 1,357.60 crore vis-a-vis premium of 2,131.29 crore collected in 2011-12.

2015-16 being a drought year, claims settled was higher at 4,155.40 cr than the gross premium of 3,076.92 cr.

In 2016-17, 5.74 crore farmers were covered.

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