Farm Insurance Payout Triples In One Year
A farmer with his paddy produce in a procurement centre in Raipur, Chhattisgarh. The kharif season of year 2015 saw a 200% rise in insurance amount paid to farmers.
Claims paid by insurance agencies to farmers for the 2015 kharif (summer) season increased 200% to Rs 15,000 crore from Rs 4,800 crore in 2014, latest data tabled in the Lok Sabha (lower house of the Parliament) reveals.
Source: Starred Question No. 124, July 26th 2016, Lok Sabha figures in Rs crore
Note: Insurance claims for rabi crop of 2015-16 not yet declared by the government.
Of 100 million farmers in India, the total number of farmers insured increased 30% from 24 million to 31 million in the 2015 kharif season.
Source: Starred Question No. 124, July 26th 2016, Lok Sabha; (figures in million)
As many as 18.5 million farmers benefitted from three government crop insurance schemes in the 2015 kharif cropping season, up 50% from 12.6 million beneficiaries in the 2014 summer season,
About 53% of those insured actually benefitted from government insurance schemes in the 2014 season, which has increased to 60% in 2015.
For the rabi (winter) cropping season, the number of farmers insured increased from 12.7 million in 2012-13 to 13.3 million in the winter season of 2014-15 —an increase of 5%. It has now increased 17% to 15.7 million farmers in 2015-16.
Source: Starred Question No. 124, July 26th 2016, Lok Sabha (figures in million)
Pradhan Mantri Fasal Bima Yojana (Prime Minister's Crop Insurance Scheme), the latest government initiative, merges existing insurance schemes, reduces the premium to be paid by farmers and removes the limit on government subsidy to insurance.
(Waghmare is an analyst with IndiaSpend.)
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