Agri Insurance

26.5% Farmers Sought Coverage under PMFBY

During the 2016 kharif season, the Pradhan Mantri Fasal Bima Yojana (PMFBY) launched thelp farmers insure their crops against natural calamities has provided coverage to 366.64 lakh farmers (26.50%), said the agriculture ministry.

For both kharif and rabi seasons in 2016-17, the ministry expects the scheme to exceed the target of 30% coverage.

The scheme covers 388.62 lakh hectare with sum insured of Rs 1, 41,339 crore. Since two existing insurance schemes were not meeting the full requirements of farmers for insurance coverage, the scheme was recast as a new scheme by the government, said the ministry.

In coverage of non-loanee farmers, there has been a jump of more than six times from 14.88 lakh in kharif 2015 to 102.6 lakh in kharif 2016, hense the scheme has been well received by non-loanee segment.

As many states did the bidding process for selection of the insurance companies for concerned clusters for the first time, the notification of the scheme was delayed in many states.