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Crop Insurance Claims May Touch Rs. 13,000 Crore inthe Crop Year 2016-17
May 25, 2017
Although the monsoon season was rather good for the farmers, the crop insurance claims are expected to touch Rs. 13,000 crore for the crop year 2016-17 that ends next month. This has to do with the great number of farmers who applied for the ‘Pradhan Mantri Fasal Bima Yojana (PMFBY)’- a crop insurance policy launched in the 2016-17 crop year with enhances features like full claim payments and low premiums, etc.
To this date, a premium worth more than 15,000 crores has been collected by the partner insurance companies who sold crop insurance policies to the farmers, as per the agriculture ministry data. However, given how big the insurance claims are despite a good monsoon, it only goes to show how risky farming is in the country.
