1,40,599 crore rupees paid to about 1457 lakh farmers under PMFBY till June 2023 since the inception of scheme in 2016
One lakh 40 thousand 599 crore rupees have been paid to about 1457 lakh farmers under Pradhan Mantri Fasal Bima Yojana (PMFBY) till June this year since the inception of the scheme in 2016. This information was given by Agriculture and Farmers Welfare Minister Narendra Singh Tomar in the Rajya Sabha today. He said these farmers have paid a premium of more than 29 thousand crore rupees.
The Minister said the admissible claims under the PMFBY are generally paid by the concerned insurance companies within two months of completion of crop cutting experiments and harvesting period. Mr. Tomar said settlement of a few claims in some States got delayed due to reasons like delayed transmission of yield data and late release of their share in premium subsidy.