MINISTER OF AGRICULTURE AND FARMERS WELFARE
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(a): With a view to provide a simple and affordable crop insurance scheme to ensure comprehensive risk cover for crops against all non-preventable natural risks from pre-sowing to post-harvest, and to provide adequate claim amount and timely settlement of claims, yield based scheme namely Pradhan Mantri Fasal Bima Yojana (PMFBY) and weather index based Restructured Weather Based Crop Insurnace Scheme (RWBCIS) have been launched from Kharif 2016 by the Government. Salient features of PMFBY are at Annexure-I.
At present, total 18 companies, which includes all the 5 Public Sector General Insurance Companies and 13 Private Sector General Insurance Companies, have been empanelled for implementation of Pradhan Mantri Fasal Bima Yojana (PMFBY) in the country. Names of empanelled compnies are given in following table :
PUBLIC SECTOR INSURANCE COMPANIES
1. Agriculture Insurance Company of India Ltd.
2. National Insurance Company Ltd.
3. New India Assurance Company Ltd.
4. Oriental Insurance Company Ltd.
5. United India Insurance Company Ltd.
PRIVATE SECTOR INSRUANCE COMPANIES
6. Bajaj Allianz General Insurance Company Ltd.
7. Bharti AXA General Insurance Company Ltd.
8. Cholamandalam MS General Insurance Company Ltd.
9. Future Generali India Insurance Company Ltd.
10. HDFC-ERGO General Insurance Company Ltd.
11. ICICI-Lombard General Insurance Company Ltd.
12. IFFCO-Tokio General Insurance Company Ltd.
13. Reliance General Insurance Company Ltd.
14. SBI General Insurance Company Ltd.
15. Shriram General Insurance Company Ltd.
16. Tata-AIG General Insurance Company Ltd.
17. Universal Sompo General Insurance Company Ltd.
18. Royal Sundaram General Insurance company Ltd.
As per scheme provisions, farmers are indemnified by the insurance company to the extent/percentage of crop losses against the defined Threshold Yield multiplied by sum insured as decided by the State Government. Claim amount for wide spread calamites are calculated based on the yield data arrived from requisite number of Crop Cutting Experiments (CCEs) conducted by the concerned State Government. Claims per hectare are worked out by the concerned insurance company based on the yield data provided by the concerned State Governemnt as per following formula :
Threshold Yield (TY) – Actual Yield (AY)
---------------------------------------------------- X Sum Insured
Threshold Yield (TY)
Where Threshold Yield for a crop in a notified insurance unit is the average yield of best 5 years out of past 7 years multiplied by applicable indemnity level for that crop.
However, losses due to localized risks of hailstorm, landslide, inundation, cloud burst & natural fire and post-harvest losses are calculated on individual insured farm level, based on the report of the joint committee comprising representatives of State Government and insurance company to survey the extent of loss. Further, there is also a provision to pay claims towards prevented sowing/failed germination and adhoc claims in case of mid season adversity.
(b) & (c): State/UT-wise details of premium collected and claims paid by insurance companies from 2016-17 to 2018-19 are given in Annexure-II.
(d): As per provisions of the scheme banks remit the premium to insurance companies within stipulated cut-off date and submitt the individual farmer-wise details within 15 days after the cut-off date. At the time of reconciliation of premium and data sent by the financial institutions, if there is any mis-match between premium and individual farmer’s data, the excess premium is returned by the insurance companies to the concerned financial institutions. Further, insurance company also process the applications and the requisite documents submitted by the farmers, especially non-laonee farmers. If the application or documents are not correct/duplicate documents, they reject the application and returned the premium in such cases. There are such incidences in every season in every State including Maharashtra.
(e): The Government has issued instructions from time to time to the financial institutions to remit the premium and famers’ data correctly and timely on National Crop Insurance Portal so that incidents of mis-match can be reduced
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