Crop Insurance – PMFBY, etc.

New farm insurance scheme

  1. Rate of premium will be about 1/10th of existing rates. Currently farmers are paying as high as 25% which is not affordable for marginal farmers.
  2. It will help cover about half of all farmers in the next 3 years.
  3. Also put to use mobile phones to assess crop yields and cut down payout delays.
  4. Low penetration of crop insurance schemes, lack of awareness coupled, high premium rates and lower claim payments are the major concerns before the government.

The move is an attempt to stem rural distress as farmers are facing three successive crop failures due to inclement weather conditions.

  1. Rate of premium will be about 1/10th of existing rates. Currently farmers are paying as high as 25% which is not affordable for marginal farmers.
  2. It will help cover about half of all farmers in the next 3 years.
  3. Also put to use mobile phones to assess crop yields and cut down payout delays.
  4. Low penetration of crop insurance schemes, lack of awareness coupled, high premium rates and lower claim payments are the major concerns before the government.
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