Bhubaneswar: The Odisha government has decided to continue with the Pradhan Mantri Fasal Bima Yojana (PMFBY) from Kharfi-2023 to Rabi 2025-26. Four insurance companies have been selected through e-tender, namely – Agricultural Insurance Company of India Ltd, SBI General Insurance Company Ltd, Future General India Insurance Ltd, and Reliance GIC Ltd for the new insurance cycle.
The coverage of farmers under the crop insurance scheme has been about 10 to 12 lakh farmers, against the total cropping area of 60 lakh hectares and out of a total of about 50 lakh farmers having operational holdings.
To increase the coverage of farmers and cultivated areas, the Government of Odisha has taken some transformative decisions in the interest of farmers of the state. The farmers’ share of premium under the crop insurance scheme will be borne by the state government out of its resources from this Kharif season so that the small and marginal farmers are not deprived of the benefits of the scheme for want of premium money.
The premium subsidy extended by the state government is over and above the normal share of state subsidy under the scheme. However, this benefit has been limited to 2 hectares (about 5 acres) per farmer so that the resources of the state are targeted more towards the support of small and marginal farmers.
Farmers will have to enroll themselves under the scheme to avail the benefit, and to validate the bank accounts an amount of Re 1.00 will be debited from the concerned accounts of farmers as a token. Farmers registering for more than 2 hectares will have to pay their share of the premium over and above 2 hectares. The Cooperation Department of the Government of Odisha has issued a notification in this regard.
The crop insurance scheme is being implemented in Odisha since Kharif-2016 to protect the farmers against potential losses to their crops due to uncertainties of weather.
Under this crop insurance scheme, the final yield of the farmer is insured along with losses due to prevented sowing, mid-season adversity, localised calamity, and post-harvest damages. The scheme is being implemented by insurance companies selected once every three years through an open bidding process from amongst the companies empanelled by the Government of India. Farmers usually pay a premium @2% of the sum insured (SI) for Kharif and 1.5% of SI for all Rabi crops except commercial crops, and @5% of SI for commercial crops for enrollment under the scheme. The differential amount of premium is paid as a subsidy and shared by the Government of India and the state government equally.
The Odisha government has decided to continue with the Pradhan Mantri Fasal Bima Yojana (PMFBY) from Kharfi-2023 to Rabi 2025-26. Four insurance companies have been selected through e-tender, namely – Agricultural Insurance Company of India Ltd, SBI General Insurance Company Ltd, Future General India Insurance Ltd, and Reliance GIC Ltd for the new insurance cycle.
The coverage of farmers under the crop insurance scheme has been about 10 to 12 lakh farmers, against the total cropping area of 60 lakh hectares and out of a total of about 50 lakh farmers having operational holdings.
To increase the coverage of farmers and cultivated areas, the Government of Odisha has taken some transformative decisions in the interest of farmers in the state. The farmers’ share of premium under the crop insurance scheme will be borne by the state government out of its resources from this Kharif season so that the small and marginal farmers are not deprived of the benefits of the scheme for want of premium money.
The premium subsidy extended by the state government is over and above the normal share of state subsidy under the scheme. However, this benefit has been limited to 2 hectares (about 5 acres) per farmer so that the resources of the state are targeted more towards the support of small and marginal farmers.
Farmers will have to enroll themselves under the scheme to avail the benefit, and to validate the bank accounts an amount of Re 1.00 will be debited from the concerned accounts of farmers as a token. Farmers registering for more than 2 hectares will have to pay their share of the premium over and above 2 hectares. The Cooperation Department of the Government of Odisha has issued a notification in this regard.
