The PMFBY offers insurance cover to farmers against losses of crops during the entire cycle, from preparation of sowing to harvesting and post-harvest, due to poor yield.
Private non-life insurer Bharti AXA General Insurance on Thursday said it has received Rs 800 crore worth crop insurance mandate from Maharashtra and Karnataka governments to insure farmers in both the states under the Pradhan Mantri Fasal Bima Yojana (PMFBY).
The company has secured authorisation for three years from both the state governments to implement the PMFBY in six districts of Maharashtra and three districts of Karnataka, a release said. The PMFBY offers insurance cover to farmers against losses of crops during the entire cycle, from preparation of sowing to harvesting and post-harvest, due to poor yield.
Apart from implementing crop insurance for farmers in both the states, we will also capitalise on innovative technologies and digital capabilities for sharing relevant information about the PMFBY and ensure speedy and hassle-free claim assessments in the respective districts, the company’s CEO and MD Sanjeev Srinivasan said.
Farmers in the districts of Ahmednagar, Nashik, Chandrapur, Solapur, Jalgaon and Satara in Maharashtra and Dharwad, Mysuru and Kodagu in Karnataka can insure their Kharif crops till July 31, 2020, through their respective banks or authorised representatives of the company.
The company has been participating in the government sponsored crop insurance scheme for many years and has insured 28.44 lakh farmers from different states Bihar, Karnataka, Gujarat, Jharkhand and Maharashtra. It secured 8.83 lakh farmers from Gujarat, Jharkhand and Maharashtra in the financial year 2019-20. Under this scheme, the company has offered crop insurance benefits to more than 3.8 lakh farmers.
Bharti AXA General Insurance is a joint venture between Bharti Enterprises and AXA, one of the world’s leading organisations with interests in financial protection and wealth management.