Farmers Reap Benefits: PMFBY Pays Out Five Times the Premium Collected

The Pradhan Mantri Fasal Bima Yojana has paid farmers Rs 1.64 lakh crore in claims against a premium of Rs 32,440 crore, according to Agriculture Minister Shivraj Singh Chouhan. The scheme offers comprehensive risk coverage for crops and has implemented new measures to reduce delays in claim settlements.

Insurance claims totaling Rs 1.64 lakh crore have been disbursed to farmers under the Pradhan Mantri Fasal Bima Yojana, as confirmed by Agriculture Minister Shivraj Singh Chouhan in the Lok Sabha on Tuesday.

Addressing a question during the Question Hour, Chouhan highlighted that farmers paid a premium of Rs 32,440 crore, yet received claims amounting to five times that sum. He attributed this benefit to the Modi government's efforts to make the scheme more farmer-friendly by addressing previous inconsistencies.

The PMFBY, introduced in the Kharif 2016 season, covers a wide range of natural risks to crops from pre-sowing to post-harvest at a reasonable premium. To address delays in claim settlements, the government uses remote sensing for damage assessment and holds states accountable for smooth implementation, with penalties for insurance firms in case of delays.