PMFBY Latest Update: Crop Insurance should be Made Easier; IRDAI Gave These Instructions

Pradhan Mantri Fasal Bima Yojana: The insurance regulator IRDAI has recently directed all non-life insurance companies to increase the coverage of crop insurance to give farmer’s maximum benefit. According to sources related to Insurance Industry, IRDAI has told insurance companies that companies need more emphasis on crop insurance and companies should increase the scope of crop insurance in their portfolios. 

IRDAI Gave Confidence to Insurance Companies

The biggest reason for non-life insurance companies not taking much interest in crop insurance is that companies do not get reinsurance support at reasonable premiums and incur losses when claims are increased. According to reports, IRDAI has given assurance to the insurance companies that the reinsurance companies will fix the appropriate premium rates for crop insurance and the regulator will also intervene if needed. 

Funds for Pradhan Mantri Fasal Bima Yojana

The budget allocated for the Pradhan Mantri Fasal Yojana has been kept at Rs.16000 crores and the crop insurance scheme launched for the farmers is the most important scheme to compensate the farmers of crops due to the natural calamities like thunderstorm, hail storm and strong rain. This is done through the scheme and the government claims that a claim of 90,000 crore has been paid through the Prime Minister Crop Insurance Scheme. 

PM Fasal Bima yojana will benefit soon 

Farmers will soon get the benefit of PM Fasal Bima yojana. The reason for this is an initiative of the Agriculture Ministry. In fact, the Ministry of Agriculture has sought permission from the Directorate General of Civil Aviation (DGCA) to take pictures of paddy fields from drones to assess crop yield at the Gram Panchayat level in 100 districts under the Pradhan Mantri Fasal Bima Yojana(PMFBY). This permission has been sought to fly drones of selected agencies. 

New Technique for Estimating Crop Yield  

This is the second year when the ministry has hired private agencies for a study of unmanned aerial vehicle (UAV) based remote sensing data collection in agricultural areas of 100 districts to assess gram panchayat level crop yield under PMFBY is. 

Permission sought from DGCA

According to the official, as the harvesting work is in full swing in the selected 100 rice-growing districts and it will be completed soon according to the harvest season, we have requested the Directorate General of Civil Aviation (DGCA) to fly drones to the selected areas Approve of. 

How does the Insurance help? 

Safeguard yourself financially against natural risks like natural disasters/ calamities, insects, pests & diseases, and adverse weather conditions. 

Take the benefit of an appropriate crop insurance scheme applicable in your area. 

Four insurance schemes are being implemented namely, 

1. Pradhan Mantri Fasal Bima Yojana (PMFBY)

2. Weather Based Crop Insurance Scheme (WBClS)

3. Coconut Palm Insurance Scheme (CPIS) and

4. Pilot Unified Package Insurance Scheme (UPIS) (45 districts).

Coverage under PMFBYIWBCIS/CPIS/U PIS is compulsory if you avail of crop loans for notified crops. 

Coverage is voluntary for non-loanee farmers 

Contact District Agriculture officers of State Govt./ nearest branch of bank/ PACS or crop insurance company operating in your area for availing the benefits under the Crop Insurance Scheme.