Question : REVIEW OF RATE OF PREMIUM FOR COTTON

(a) whether the Government are aware the present method of actual calculation for determining the premium of Rashtriya Krishi Bima Yojana (RKBY) rate results in wide fluctuations in the rate from year to year causing financial hardship to the farmers;

(b) if so, whether the Union Government propose to review the rate of premium for cotton under RKBY; and

(c) if so, the details thereof?

MINISTER OF STATE IN THE MINISTRY OF AGRICULTURE (SHRI HUKUMDEO NARAYAN YADAV)

(a): Yes, Sir.

(b)&(c): General Insurance Corporation of India (GIC) which is the Implementing Agency (IA) of Rashtriya Krishi Bima Yojana (RKBY) have been asked to work out more appropriate and standardized methodology for working out actuarial rates of premium.