Delhi – Due to the improved features of Pradhan Mantri Fasal Bima Yojana (PMFBY), the scheme has been received very well and has been opted for by 27 States and Union Territories in one or more seasons since inception. The first year of scheme launch i.e. 2016-17 was a good monsoon year, despite which claim ratio was as high as 73%. Further in certain States claim ratios were to the extent of 114% in Andhra Pradesh, 135% in Karnataka, 132% in Kerala and 286% in Tamil Nadu. Overall Rs. 15349.68 crore were paid to 139 lakh farmer applicants in 2016-17 alone.
PMFBY is an actuarial premium based scheme under which farmer has to pay maximum premium of 2% for Kharif, 1.5% for Rabi food & oilseed crops and 5% for annual commercial/horticultural crops and remaining part of the actuarial/bidded premium is shared equally by the Centre and State Government. One of the objectives of the scheme is to facilitate prompt claims settlement. Towards this the scheme guidelines provide that claims must be settled within two months of harvest subject to timely provision of both yield data and share of premium subsidy by the State Government.
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