May 18, 2024


Make Every Business

PMFBY: No insurance firms bid for 3 clusters in Maharashtra

Farmers in as a lot of as 8 districts in Maharashtra may not be capable to insure their crops underneath the PM Fasal Bima Yojana (PMFBY) plan in the forthcoming kharif year as no insurance plan company arrived ahead to bid for 3 clusters in the Point out.

The last day for bidding for 12 clusters – each individual cluster has concerning a single and four districts – was last Wednesday (May well twenty), and there were being no takers for 3 clusters, and two other folks experienced just a single bidder each individual, in accordance to resources in the know of factors.

These districts are Aurangabad, Beed, Bhandara, Gondia, Jalna, Kolhapur, Palghar and Raigarh.

Although Beed is a cluster with solitary district, Jalna, Gondia and Kolhapur variety a single cluster. The other four districts are part of a different cluster which equally failed to appeal to bids. Other than, two recently-fashioned solitary district clusters — Latur and Osmanabad — have bids from only a single crop insurance plan company, the Agricultural Insurance coverage Company of India (AIC).

“One can fully grasp why insurance plan organizations are reluctant to provide crop insurance plan deal with in clusters these kinds of as Beed, Latur and Osmanabad (which usually have some of the best assert charges), but it is surprising to see there are no takers for the Cluster No. six comprising Palghar, Raigarh, Aurangabad and Bhandara, which has comparatively minimal high quality charges and lesser variety of promises,” the resources stated.

Although Bajaj Alliance Insurance coverage Co Ltd and Iffko-Tokio Insurance coverage Cp Ltf bid for 5 clusters each individual, AIC, Reliance Insurance coverage Co Ltd and HDFC Ergo bid for 3 clusters each individual. Bharti Axa Typical Insurance coverage sought to work in two clusters.

Poor participation

Similarly, the other crop insurance plan plan – Climate Centered Crop Insurance coverage Plan – way too failed to excite the insurance plan firms, prompting the Point out agriculture office to lengthen the deadline until May well 28 citing ‘poor participation’.

The flagship crop insurance plan plan launched by the Narendra Modi-led NDA federal government was in bit of issues in Maharashtra given that the earlier kharif year, notably.

Weighty rains and floods through the fag stop of the earlier monsoon year resulted in huge crop loss in the Point out, specially in Marathwada area.

As a result, insurance plan firms featuring possibility deal with underneath PMFBY plan experienced to shell out one hundred twenty for each cent of full high quality collected in the Point out.

For the duration of the rabi seasonn that has just absent by, insurance plan firms didn’t come ahead to provide PMFBY deal with to farmers.

According to the resources, the federal government is in two minds: no matter if to repeat bidding procedure only for these 3 clusters or for all clusters in the Point out.

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