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Home Agriculture

Beed model of crop insurance

June 11, 2021
in Agriculture
Reading Time: 2 mins read
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Beed model of crop insurance
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In news- Maharashtra Chief Minister Uddhav Thackeray recently asked Prime Minister Narendra Modi for state-wide implementation of the ‘Beed model’ of the crop insurance scheme Pradhan Mantri Fasal Bima Yogna (PMFBY).

More information-

  • The flagship central scheme PMFBY was launched in 2016 which insures farm losses against inclement weather events. 
  • Farmers pay 1.5-2% of the premium with the rest borne by the state and central governments. 
  • It is implemented by state agriculture departments as per central guidelines.
  • Prior to 2020, the scheme was optional for farmers who did not have loans pending, but mandatory for loanee farmers. 
  • Since 2020, it has been optional for all farmers. 
  • However voices have been raised in Maharashtra about the need to change the scheme. 
  • Delay in claim settlement, failure to recognise localised weather events, alleged profiteering by insurance companies and stringent conditions for claims are among the concerns. 
  • The Beed model has been implemented by the state government in the drought-prone Marathwada region, by tweaking the guidelines for the district.
  • The state-run Indian Agricultural Insurance Company implemented the scheme. 
  • Under the new guidelines, the insurance company provided a cover of 110% of the premium collected.
  • If the compensation exceeded the cover provided, the state government would pay the bridge amount. 
  • If the compensation was less than the premium collected, the insurance company would keep 20% of the amount as handling charges and reimburse the rest to the state government.
  • In a normal season where farmers report minimal losses, the state government is expected to get back money that can form a corpus to fund the scheme for the following year. 
  • Hence in this model, the profit of the company is expected to reduce and the state government would access another source of funds. 
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Source: Indian Express
Tags: IEPrelims

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