Despite better monsoon, the harvest year ended next month is likely to be Rs 13,000 crore of crop insurance claims in 2016-17 which shows that other risks have also increased other risks in addition to monsoon on agriculture sector. More farmers applied for the promotional crop insurance policy ‘Prime Minister Crop Insurance Scheme (PMFBY) commenced in the crop year 2016-17 (July to June). This plan covers better things like low premiums, quick and complete payments of claims.
The premium of Rs.15,891 crore was collected by 11 insurance companies listed as per the data of the Ministry of Agriculture. These insurance companies sold the crop insurance scheme to farmers in both Kharif (heat) and Rabi (jara) sessions during the harvest year 2016-17. The share of farmers was Rs. 2685 crore in total premiums collected in 2016-17.
