INR 11,899-cr claims under PMFBY for 2017 kharif season settled by insurance companies
The minister further highlighted that various modules have been developed on the national crop insurance portal for seamless flow of information and service delivery.
The claims are settled by both private and public sector general insurance companies. Under the flagship crop insurance scheme, both central and states provide premium subsidy in the 50:50 ratio over and above farmers' premium.
"During kharif 2017 alone, claims of Rs 16,448 crore have been estimated and Rs 13,768 crore has been approved. Out of which, Rs 11,899 crore has been settled by the insurance companies," Minister of State for Agriculture Parshottam Rupala said in a written reply to the Rajya Sabha.
To a query on a drop in coverage under the PMFBY during 2017-18, the minister said this is mainly due to factors like the announcement of debt waiver scheme in Maharashtra and Uttar Pradesh, farmers' perception of mitigated risk, duplication due to Aadhar, among others.
The minister explained that the PMFBY guidelines provide for the settlement of claim within 21 days of receipt of clear crop yield data from the states and also state share of subsidy has been provided.
A provision has been made for 50 percent release of the state share of premium subsidy in advance on the basis of estimated coverage and 50 percent on receipt of final data from the insurance companies, he said.
The government also consistently follows up with the stakeholders to resolve issue sand fast-track claim settlement, he added.
(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)