Companies Pay Rs 6,624 cr Crop Insurance Claims So Far Under PMFBY

Posted By:
Subscribe to GoodReturns
For Quick Alerts
For Daily Alerts

    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 said.

    The PMFBY was launched in January 2016 replacing the older schemes to ensure farmers pay less premium and get the full and early settlement of the claims. During the 2016-17 crop year, a gross premium of Rs 22,344.93 crore was collected, and total claims are estimated to be Rs 15,100.68 crore. Govt Okays New Crop Insurance Plan For Farmers At Low Premium

    Companies Pay Rs 6,624 cr Crop Insurance Claims So Far Under PMFBY

    "Of this amount, claims of Rs 9,446.83 crore have been approved, and claims of Rs 6,624.65 crore have already been settled/paid by insurance companies," the ministry said in a statement.

    It is to be noted that 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, it said.

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

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

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

    During 2016-17, a total of 5.74 crore farmers were covered, including 1.35 crore non-loanees. Premium For PMSBY To Increase From Rs. 12 To Rs. 18-25

    Read more about: companies pmfby
    Story first published: Saturday, August 12, 2017, 15:11 [IST]
    Company Search
    Enter the first few characters of the company's name or the NSE symbol or BSE code and click 'Go'

    Find IFSC

    Get Latest News alerts from Goodreturns

    We use cookies to ensure that we give you the best experience on our website. This includes cookies from third party social media websites and ad networks. Such third party cookies may track your use on Goodreturns sites for better rendering. Our partners use cookies to ensure we show you advertising that is relevant to you. If you continue without changing your settings, we'll assume that you are happy to receive all cookies on Goodreturns website. However, you can change your cookie settings at any time. Learn more