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Monday, October 25, 2021
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Implementation of Modified Crop Insurance Scheme

NEW DELHI: The salient features of the Prdhan Mantri Fasal Bima Yojana (PMFBY) approved recently for its implementation from current Kharif 2016 season are annexed.

In addition to Agriculture Insurance Company of India Ltd. (AIC), 10 private general insurance companies namely, ICICI-Lombard, IFFCO-Tokio, HDFC-ERGO, Cholamandalam-MS, Reliance General, Future-Generali, Tata-AIG, SBI General, Universal Sompo and Bajaj-Allianz have been empanelled to participate in the scheme.

Government is undertaking a comprehensive publicity and awareness programme to educate the farmers about the benefit of crop insurance schemes. Capacity building and training programmes for other stakeholders are also being organized. The salient activities under awareness campaign, involve the publicity of features & benefits of the scheme through advertisements in leading National/local News Papers, telecast through audio-visual media, distribution of pamphlets, participation in agriculture fairs / mela / gosti and organization of workshops / trainings and SMS through Kisan Portal etc. State Governments/UTs. are also being regularly persuaded to increase the coverage including notifying more crops under crop Insurance schemes. Recently, one day seminar/kisan fair especially on the PMFBY has been organized at various Krishi Vigyan Kendras (KVKs) between 30th March to 5th April, 2016 throughout the country.

The scheme is being implemented on actuarial premium rates basis which would be obtained by the bidding process. However, Farmer’s share in premium for food & oilseeds crops has been fixed at maximum 2% and 1.5% of sum insured for Kharif and Rabi seasons respectively. In case of annual commercial/horticultural crops maximum premium is 5%. The remaining part of the actuarial premium would be shared by the Central and State Governments on 50: 50 basis.