Beed Model of Crop Insurance
Recently, Maharashtra government has urged the Central government for state-wide implementation of the ‘Beed Model’ of the crop insurance scheme - Pradhan Mantri Fasal Bhima Yogna (PMFBY).
Reasons
- For Maharashtra, where farmers predominantly depend of monsoon rains to water their crops, the PMFBY turned out to be non-profitable for insurance companies given the high payments they had to make.
- Further, payouts were close to or exceeded the premium collected in some years, leading to losses to insurance companies.
- The reason why Maharashtra is pushing for this scheme is that in most years, the claims-to-premium ratio is low with the premium being paid ....
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