On Wednesday, the General insurance sector applauded the Union Budget 2017 and appreciated the governments’ decision to hike the coverage under Pradhan Mantri Fasal Bima Yojana (PMFBY) from 30% to 40 % in 2017-18, and it will be increased from 40 percent to 50 percent in 2018-19.
*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
*Tax benefit is subject to changes in tax laws. Standard T&C Apply
Who would you like to insure?
Do you have an existing illness or medical history?
This helps us find plans that cover your condition and avoid claim rejection
What is your existing illness?
Select all that apply
When did you recover from Covid-19?
Some plans are available only after a certain time
Spending on PMFBY by the government has been increased to Rs. 13,240 cr., the insurance industry believes that it is a great step, as it will provide insurance coverage to more farmers.
G Srinivasan, CMD New India Assurance said that Risk mitigation mechanism for Indian farmers is the need of the hour. With the help of insurance and PMFBY, they will be provided compensation if their crop is damaged by the natural disasters.
As a part of the scheme(s) in the current financial year, premium worth Rs. 1,100 crore has been underwritten by New India Assurance. As part of their plans for the next fiscal year, they have planned to hike it to approx to Rs. 2,000 crore.
Sanath Kumar, MD National Insurance chairman said that the hike in the insurance coverage under PMFBY will hike the premium rate by 15 to 20 percent by the insurance industry in the next financial year.
15 Sep 2022Monkeypox has slowly and steadily spread to more than 85 countries...
06 Sep 2022As we grow old, the chances of developing a disease or a medical...
25 Aug 2022Ever since COVID-19 entered our lives, health insurance has come...
25 Jul 2022Monkeypox is the latest disease to make its way to India while we...
05 Jul 2022Barely any person has remained unaffected due to rising health...