The Pradhan Mantri Fasal Bima Yojana (crop insurance scheme) may have benefitted some farmers but insurance companies surely made the most of it.
In the five years since the scheme was launched, these companies received Rs 1,26,521 crore in premium payments and paid Rs 87,320 crore to farmers in loss claims — a cumulative savings of approximately 31 per cent.
The department of agriculture and farmers welfare furnished the figures in its report to the Parliamentary Standing Committee on Agriculture’s report.
Around 72.5 million farmers have benefitted from the scheme between April 2016 and December 14, 2020, according to the report. Farmers submitted 269.9 million crop insurance applications for 235.4 million hectares of crops, the dpartment stated.
Farmers are only required to deposit 1.5 per cent of the entire premium (in the Kharif season) and 2 per cent in the Rabi season. The remainder of the premium is deposited
— source downtoearth.org.in | Raju Sajwan | 13 Aug 2021