PMFBY Latest Update: Insurance Companies to Include Names of Nominee in Crop Insurance Scheme

Pradhan Mantri Fasal Bima Yojana (PMFBY) was launched by Prime Minister Narendra Modi in 2016 with the objective to provide insurance coverage and financial support to the farmers in the event of failure of any of the notified crop as a result of natural calamities and pests & diseases. 

Inclusion of Nominees  

So far, Insurance companies have not been including nominees while offering crop insurance cover to the farmers. And because of that, farmers’ families were facing many difficulties to get the payment of insurance cover. 

Karnataka Government Decision 

As per reports, the Karnataka government has now directed insurance firms to include the names of farmers’ family members as nominees while offering the insurance cover under the PMFBY. Agriculture Minister B.C. Patil has instructed the insurance firms to include nominees under PMFBY to ensure that the families of farmers receive the payment of insurance sum in case of the death of the insured farmer.  

Set-up Offices Outside the Agricultural Department 

Also, Minister Patil has instructed the insurance companies to set up their offices outside the Agricultural department’s offices instead of in the department premises in districts and talukas. And he also instructed them to provide a GPS link of the location to the department. 

Click here to get the complete information about Pradhan Mantri Fasal Bima Yojana. 

Claim of Rs. 771 Crore  

As per the official press release, in the 2019-20 Rabi season, 6.81 lakh farmers claimed crop insurance of Rs. 771 crore, and out of them, 6.44 lakh farmers received the insurance claim of Rs. 736.37 crore. And others’ insurance amounts hadn’t been settled due to non-linkage of the bank account with Aadhar or some other reasons. 

In the 200 Kharif season, 11.01 lakh farmers opted to insure their crops on the 12.81 hectares of land.