- Rs. 5 Lakh Coverage @ Rs. 12.9/Day*
*Standard T&C Apply
- 7 Lakh+ Happy Customers
- 10,000+Hospitals for Cashless Treatment
Insurance Industry Applauds the Declaration to Enhance Insurance Coverage under Pradhan Mantri Fasal Bima Yojana
- DetailsWritten by PolicyBazaar -
- Hits : 2784 -
Updated date : 28 February 2017
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.
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.
- Most Read
- Top 10 Health Insurance Companies in India
Views : 522954
- Top 5 Maternity Insurance Plans
Views : 287095
- List of Health Insurance Companies in India
Views : 239922
- Top 8 Family Health Insurance Policies for 2019
Views : 178479
- Health Insurance Claims Ratio- Things You Should Look Before Buying Health Insurance
Views : 150454
GET ARTICLE ON EMAIL
- Income Tax Calculator
- Other Calculators
- Pension Calculator
- Savings Calculator
- Save Regularly
- Actual Savings
- Health Insurance Premium Calculator
- Car Insurance Calculator
- Bike Insurance Calculator
- SIP Calculator
- Life Insurance Calculator
- Term Insurance Calculator
- ULIP Calculator
- Premium Calculator
- FD Calculator
- Investment Calculator