New Delhi:  Agriculture Minister Shivraj Singh Chouhan said  in the Lok Sabha that farmers have received insurance claims totaling Rs 1.64 lakh crore under the Pradhan Mantri Fasal Bima Yojana (PMFBY), while the premiums paid amount to Rs 32,440 crore. This announcement came during the Question Hour session on Tuesday.

Minister Chouhan highlighted that the Modi government has revamped the PMFBY to better serve farmers by addressing the shortcomings of the previous scheme. The PMFBY, launched in the Kharif season of 2016, offers voluntary participation for states.

The scheme provides extensive risk coverage for crops against various unavoidable natural risks, from the sowing phase to the post-harvest stage, all at a low premium for farmers. Chouhan noted that for every rupee of premium paid, the scheme has provided five times more in claims, showcasing its efficacy.

Responding to concerns about delays in claim settlements, Chouhan explained that the government has introduced measures such as damage assessments via remote sensing rather than visual inspections. He pointed out that delays are often due to issues at the state level, and states are responsible for the smooth implementation of the scheme. Additionally, insurance companies face a 12% penalty for any delays in processing claims.

In response to  question from DMK member Kanimozhi Karunanidhi regarding delays in claim settlements, Minister Chouhan said that the government has introduced various measures to address this issue. These include using remote sensing technology for damage assessment instead of relying solely on visual inspections.

Chouhan revealed that delays in settling insurance claims are primarily due to state-level issues. He emphasized that it is the states' responsibility to ensure the smooth operation of the scheme. Additionally, he mentioned that insurance companies face a 12% penalty for any delays in processing claims.

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