New operational Guidelines in Pradhan Mantri Fasal Bima Yojna(PMFBY)

The Government had made the decision to incorporate penalties for states and Insurance Companies for making delay in settlement of insurance claims under the Pradhan Mantri Fasal Bima Yojna(PMFBY) for the implementation of (PMFBY) new operational Guidelines are issued by the government, This new operational Guidlines will be onset from the rabi Season which will Start from 1st October

The Insurance Companies has to pay 12% interest to the farmer due to the delay in settlement claims, beyond 2 month of Prescribed Cut-off date Accordingly State Government also has to pay 12% interest for the delay of the release of the state share of subsidy beyond 3 month of Prescribed Cut-off date

The government has made the decision to add the perennial horticultural crops under PMFBY on a pilot basis, Government under this scheme has provided add on the advantage for crop loss due to an attack of wild animals this will also be implemented on a pilot basis to avoid the duplication of beneficiaries the Adhaar card is made mandatory

Apart from all these activities Insurance Companies also have to 10% more non-loanee farmers than the previous season, Publicity and awareness Insurance Companies have to mandatory spend 0.5% of gross Premium Pre Company per Season

According to new guidelines insurance company need not to Provide any projection for the advance subsidy at the beginning of the season premium subsidy will be released based 50% of 80% of total share of Subsidy

Balance Payment will be made in 2nd installment after reconciliation of entire Coverage data on portal based on final business statistics the final installment will be paid

 

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