Bharti Axa General Insurance said on Friday the company has received Rs 800 crore worth crop insurance mandate from the state governments of Maharashtra and Karnataka to insure their farmers under the Pradhan Mantri Fasal Bima Yojana (PMFBY).
The company has secured authorisation for a period of three years from both the state governments to implement the PMFBY in six districts of Maharashtra and three districts of Karnataka.
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 through their respective banks or authorised representatives of the company.
“As a responsible insurer, we aim to provide insurance coverage and financial support to the farmers in the failure of any of the notified crop as a result of natural calamities,” said Sanjeev Srinivasan, Chief Executive Officer and Managing Director.
“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,” he said in a statement.
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.
Bharti Axa said the crop insurance will cover the farmers in these districts of Maharashtra and Karnataka against any losses in crop yields on area approach basis arising out of a wide range of external risks such as flood, dry spells, drought, landslides, cyclones, hurricane, pest and diseases and localised calamities among others.
It offers insurance cover for all stages of the crop cycle including pre-sowing to harvesting and post-harvest risks.
Bharti Axa General Insurance has been participating in the government-sponsored crop insurance scheme for the past many years and 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.