The Government of India has introduced key modifications to the Pradhan Mantri Fasal Bima Yojana to improve transparency, accountability and faster settlement of insurance claims for farmers.
Speaking in the Lok Sabha, Shivraj Singh Chouhan, Union Minister for Agriculture and Farmers Welfare, stated that farmers earlier had to wait for several months to receive claim payments under the scheme.
Interest Penalty for Delay in Claim Settlement
- Under the revised provisions, insurance companies must settle agriculture-related claims within 21 days. If they fail to do so, they will be required to pay 12% interest to farmers on the delayed payment.
- The minister further clarified that state governments will also be liable to pay 12% interest if delays occur at their end in processing the claims.
- These changes aim to ensure quicker compensation to farmers affected by crop losses.
Krishi Rakshak Portal for Farmer Complaints
- Farmers can now lodge complaints regarding claim settlement issues on the Krishi Rakshak Portal.
- According to the minister, 2.71 lakh complaints have already been registered on the portal. The government is currently investigating these grievances and taking strict action wherever required.
Government Procurement and MSP Increase
- The government continues to procure crops at Minimum Support Price to ensure farmers receive fair remuneration for their produce.
- For the current year, the MSP has been increased for wheat, paddy, oilseeds and pulses.
Record Crop Procurement
The government has reported record procurement of agricultural produce and has decided to purchase large quantities of pulses such as:
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Tur (pigeon pea)
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Masoor (lentil)
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Urad (black gram)
This step is aimed at ensuring stable incomes for farmers while also strengthening the country’s food security.
Conclusion
The modifications in Pradhan Mantri Fasal Bima Yojana are expected to improve the efficiency of crop insurance delivery by ensuring faster claim settlements, greater accountability, and stronger grievance redressal mechanisms, thereby providing better financial protection to farmers.