Farmers Paid Rs 32,440cr Premium under Pradhan Mantri Fasal Bima Yojana: Govt

Insurance claims of Rs 1.64 lakh crore have been paid to farmers against Rs 32,440 crore premium paid under the Pradhan Mantri Fasal Bima Yojana (PMFBY). Agriculture Minister Shivraj Singh Chouhan informed this in the Lok Sabha during Question Hour today. Answering a question, he said the Modi government has made the scheme farmer-friendly by removing inconsistencies in the previous one.

The PMFBY was introduced in the country in the Kharif 2016 season and is voluntary for the states. The scheme envisages comprehensive risk coverage for crops against all non-preventable natural risks - from pre-sowing to post-harvest stages of crops - at a very reasonable premium for the farmers.

Chouhan said that against the premium of Rs 32,440 crore paid by farmers till date, claims of Rs 1.64 lakh crore have been paid out. In other words, five times more claims have been paid out when compared to the premium paid by the farmers.

The minister said the government has taken several measures on issues like assessment of damage through remote sensing. It was found that there was a delay in the settlement of insurance claims most of the time because of states.

He pointed out that there was a provision of a 12 per cent penalty on insurance firms in case of delays and added that it was the responsibility of the states to implement the scheme smoothly.