PM Crop Insurance Scheme: Have you not received the compensation money yet? Know here how to complain
PM Crop Insurance Scheme: Has the Pradhan Mantri Fasal Bima Yojana ruined your crop as well and you haven’t gotten the right compensation? The farmers’ accounts have been credited with the claim money for the Rabi crop loss under the Pradhan Mantri Fasal Bima Yojana. Many farmers, however, express dissatisfaction at the lack of compensation in light of their losses.
A farmer from Khandwa, Madhya Pradesh, is upset that the insurance company has only paid him Rs 1274 for the 2024 Kharif season. In contrast, a premium of almost Rs 30,000 was paid. According to the farmer, 21 acres were planted with soybeans. Poor rains caused the crop to deteriorate. Crop insurance states that the cost should be Rs 7 lakh. However, the insurance company only gave Rs 1274. Do not worry if you are experiencing the same issue.
What is the insurance scheme’s mathematical foundation?
The farmer must pay a 2% premium for Kharif crops, a 1.5% premium for Rabi crops, and a 4% premium for commercial crops under the Pradhan Mantri Fasal Bima Yojana. The government provides the remaining premium funds. The crop insurance plan calculator may be used to determine the amount of premium you will be required to pay. Choose the number of acres of crop you want to get insurance for after selecting the crop, state, district, season, year, and scheme. The chart will open in its entirety.
The manner and amount of compensation
If the crop is harmed after purchasing an insurance plan, the insurance company uses a formula to determine the damage. The average of the previous five years is used to determine the threshold crop. Only the top seven years are included in the calculation. Its mean is extracted and divided by five. Let’s say the amount is 2240 per hectare. “Actual crop” refers to the crop that is insured. Let’s say the amount is 3000 kg per acre. Sum Assured is the predetermined sum for a crop of one acre. It is 20,000 per hectare, for instance. Thus, in this scenario, the premium will be determined as follows…
Where to file a complaint
You may file a complaint if you are concerned about your PM Crop Insurance Scheme claim and believe you have not been fairly compensated for your crop. The hotline number 14447 is available to you. In addition, you may bring up your issue by visiting the office of the insurance company or the closest agricultural center.