Updated By: LatestGKGS Desk
PMFBY Operational Guidelines for Insurance Companies, Latest Modifications 2018
Pradhan Mantri Fasal Bima Yojana (PMFBY) Operational Guidelines 2018, provisions for imposing a penalty on insurance companies
In the event of delays in disposal of insurance claims under the Prime Minister's Crop Insurance Scheme (PMFBY) on 18th September 2018, the Central Government has decided to include the provision of imposing a penalty on states and insurance companies.
In the new operational guidelines, a standard operating procedure for assessment of insurance companies as well as ineffective in providing services has also been given details of removal from the scheme.
The Government has decided to include perennial horticulture crops in the purview of PMFBY on an experimental basis.
Narendra Modi's Cabinet approved the Prime Minister's Crop Insurance Scheme on January 13, 2016, to remove the uncertainties in relation to the farmers' crop.
This scheme is for all farmers. The Prime Minister's Crop Insurance Scheme will reduce the loss of farmers' crops due to natural calamities, by reducing the premiums of the farmers to a limit.
8,800 crore rupees will be spent for this scheme. Under the Prime Minister's Crop Insurance Scheme, farmers will pay a premium of 2% premium for the Kharif crop and 1.5% premium for Rabi crop, fixed by insurance companies.
In this, insurance installments to be paid by farmers against poor crops due to natural calamities have been very low, which can be easily paid by farmers to each level.
