The budget allocated for the Pradhan Mantri Fasal Bima Yojana (PMFBY) has been kept at Rs 16000 crore.
Pradhan Mantri Fasal Bima Yojana: Insurance regulator IRDAI has instructed all non-life insurance companies to increase the coverage of crop insurance so that farmers get maximum benefit.
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 the information, 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.
The budget allocated for the Pradhan Mantri Fasal Bima Yojana (PMFBY) has been kept at Rs 16000 crore. The damage caused to the crops of farmers from natural calamities like thunderstorms, hailstorms and rains is compensated through the scheme.
Farmers will soon get the benefit of PMFBY. 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 it. This permission has been sought to fly drones of selected agencies.
Any farmer who wants to be registered under PMFBY should contact his nearest bank, Primary Agricultural Credit Committee, Common Service Center (CSC), Village Level Entrepreneurs (VLY), Agriculture Department office. Farmers can also register through the National Crop Insurance Portal (NCIP) or the Crop Insurance App.
Farmers will have to provide Aadhaar number, bank passbook, land record/tenancy agreement and self-declaration letter pass to complete the registration. After this, farmers will be informed about the status of their application by SMS on their mobile numbers.
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