Hyderabad: The TS government on Monday issued orders notifying the implementation of Pradhan Mantri Fasal Bhima Yojana, the crop insurance scheme announced by Prime Minister Narendra Modi in January.
All the farmers availing crop loans from banks would be covered under PMFBY mandatorily from the kharif, starting June.
The premium amount would be deducted directly from the loan amount during disbursal. The new insurance scheme will be crop-based, weather-based and village-based unlike previous mandal as unit based, which will benefit the farmers in case of crop loss due to natural calamities.
Public and private insurance firms have been selected for the purpose. The state has been divided into three clusters to implement the scheme.
Medak, Nizamabad and Adilabad districts have been placed under Category-I for which the implementing insurance agency would be Agriculture Insurance Company of India Ltd (AIC).
Warangal, Karimnagar and Mahabbnagar figure in Category-II for which the implementing agency would be Bajaj Allianz General Insurance Company. Category-III comprises Nalgonda, Khammam and Ranga Reddy districts, for which the implementing agency would be AIC.
Specific crops in each district have been identified which will get insurance cover. Rice will be insured in Karimnagar, Khammam, Nalgonda, Warangal and Nizamabad districts, while soya bean will be insured in Adilabad and maize in Medak, Mahbubnagar and Ranga Reddy districts.
