Deprecated (16384): The ArrayAccess methods will be removed in 4.0.0.Use getParam(), getData() and getQuery() instead. - /home/brlfuser/public_html/src/Controller/ArtileDetailController.php, line: 73
 You can disable deprecation warnings by setting `Error.errorLevel` to `E_ALL & ~E_USER_DEPRECATED` in your config/app.php. [CORE/src/Core/functions.php, line 311]
Code Context


        trigger_error($message, E_USER_DEPRECATED);

    }
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 You can disable deprecation warnings by setting `Error.errorLevel` to `E_ALL & ~E_USER_DEPRECATED` in your config/app.php.'
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deprecationWarning - CORE/src/Core/functions.php, line 311
Cake\Http\ServerRequest::offsetGet() - CORE/src/Http/ServerRequest.php, line 2421
App\Controller\ArtileDetailController::printArticle() - APP/Controller/ArtileDetailController.php, line 73
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Cake\Http\ActionDispatcher::_invoke() - CORE/src/Http/ActionDispatcher.php, line 120
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Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
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Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Error\Middleware\ErrorHandlerMiddleware::__invoke() - CORE/src/Error/Middleware/ErrorHandlerMiddleware.php, line 96
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Http\Runner::run() - CORE/src/Http/Runner.php, line 51
Cake\Http\Server::run() - CORE/src/Http/Server.php, line 98

Deprecated (16384): The ArrayAccess methods will be removed in 4.0.0.Use getParam(), getData() and getQuery() instead. - /home/brlfuser/public_html/src/Controller/ArtileDetailController.php, line: 74
 You can disable deprecation warnings by setting `Error.errorLevel` to `E_ALL & ~E_USER_DEPRECATED` in your config/app.php. [CORE/src/Core/functions.php, line 311]
Code Context


        trigger_error($message, E_USER_DEPRECATED);

    }
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 You can disable deprecation warnings by setting `Error.errorLevel` to `E_ALL & ~E_USER_DEPRECATED` in your config/app.php.'
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deprecationWarning - CORE/src/Core/functions.php, line 311
Cake\Http\ServerRequest::offsetGet() - CORE/src/Http/ServerRequest.php, line 2421
App\Controller\ArtileDetailController::printArticle() - APP/Controller/ArtileDetailController.php, line 74
Cake\Controller\Controller::invokeAction() - CORE/src/Controller/Controller.php, line 610
Cake\Http\ActionDispatcher::_invoke() - CORE/src/Http/ActionDispatcher.php, line 120
Cake\Http\ActionDispatcher::dispatch() - CORE/src/Http/ActionDispatcher.php, line 94
Cake\Http\BaseApplication::__invoke() - CORE/src/Http/BaseApplication.php, line 235
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Routing\Middleware\RoutingMiddleware::__invoke() - CORE/src/Routing/Middleware/RoutingMiddleware.php, line 162
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Routing\Middleware\AssetMiddleware::__invoke() - CORE/src/Routing/Middleware/AssetMiddleware.php, line 88
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Error\Middleware\ErrorHandlerMiddleware::__invoke() - CORE/src/Error/Middleware/ErrorHandlerMiddleware.php, line 96
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Http\Runner::run() - CORE/src/Http/Runner.php, line 51
Cake\Http\Server::run() - CORE/src/Http/Server.php, line 98

Warning (512): Unable to emit headers. Headers sent in file=/home/brlfuser/public_html/vendor/cakephp/cakephp/src/Error/Debugger.php line=853 [CORE/src/Http/ResponseEmitter.php, line 48]
Code Context
            if (Configure::read('debug')) {

                trigger_error($message, E_USER_WARNING);

            } else {
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    <link rel="canonical" href="https://im4change.in/<pre class="cake-error"><a href="javascript:void(0);" onclick="document.getElementById('cakeErr67fc32a1cf99f-trace').style.display = (document.getElementById('cakeErr67fc32a1cf99f-trace').style.display == 'none' ? '' : 'none');"><b>Notice</b> (8)</a>: Undefined variable: urlPrefix [<b>APP/Template/Layout/printlayout.ctp</b>, line <b>8</b>]<div id="cakeErr67fc32a1cf99f-trace" class="cake-stack-trace" style="display: none;"><a href="javascript:void(0);" onclick="document.getElementById('cakeErr67fc32a1cf99f-code').style.display = (document.getElementById('cakeErr67fc32a1cf99f-code').style.display == 'none' ? '' : 'none')">Code</a> <a href="javascript:void(0);" onclick="document.getElementById('cakeErr67fc32a1cf99f-context').style.display = (document.getElementById('cakeErr67fc32a1cf99f-context').style.display == 'none' ? '' : 'none')">Context</a><pre id="cakeErr67fc32a1cf99f-code" class="cake-code-dump" style="display: none;"><code><span style="color: #000000"><span style="color: #0000BB"></span><span style="color: #007700">&lt;</span><span style="color: #0000BB">head</span><span style="color: #007700">&gt;
</span></span></code>
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</span></span></code></pre><pre id="cakeErr67fc32a1cf99f-context" class="cake-context" style="display: none;">$viewFile = &#039;/home/brlfuser/public_html/src/Template/Layout/printlayout.ctp&#039;
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		&#039;description&#039; =&gt; &#039;&lt;div align=&quot;justify&quot;&gt;
-Newsclick.in&lt;br /&gt;
&lt;br /&gt;
&lt;em&gt;Insurance companies have already earned about Rs.16,000 crore in three seasons.&lt;br /&gt;
&lt;/em&gt;&lt;br /&gt;
The much-hyped Pradhan Mantri Fasal Bima Yojana (PMFBY) &amp;ndash; supposed to provide insurance protection to farmers against crop losses due to natural events &amp;ndash; has turned into a bonanza for insurance companies while farmers are angry over delays in claim settlement, rejections and paltry compensation. Launched in 2016, four full seasons have passed since and the financial transactions show earnings of insurance companies reaching almost Rs.16,000 crore from the first three seasons, kharif 2016, rabi 2016-17 and kharif 2017. Although the rabi 2017-18 season is over yet over two months later, claim settlement is still not complete.&lt;br /&gt;
&lt;br /&gt;
&lt;/div&gt;
&lt;div align=&quot;justify&quot;&gt;
&lt;img src=&quot;tinymce/uploaded/Insurance companies profit.png&quot; alt=&quot;Insurance&quot; width=&quot;755&quot; height=&quot;455&quot; /&gt; &lt;br /&gt;
&lt;/div&gt;
&lt;div align=&quot;justify&quot;&gt;
&amp;nbsp;
&lt;/div&gt;
&lt;div align=&quot;justify&quot;&gt;
In other words, the scheme is essentially transferring farmers&amp;rsquo; money and govt. funds to the insurance companies &amp;rsquo;coffers while pretending to provide much needed compensation to farmers whose crops are lost in inclement weather conditions.&lt;br /&gt;
&lt;br /&gt;
This and other interesting details of this costly scheme are revealed in a reply given by Gajendra Singh Shekawat, minister of state in the agriculture ministry, to a question (#1170) posed by MP Jharna Das Baidya.&lt;br /&gt;
&lt;br /&gt;
The scheme works like this: farmers give some premium while the balance is given in equal parts by state govts. and the central govt. All this premium goes to the 13 insurance companies involved in providing crop insurance which includes a few public sector companies too but is dominated by private companies. Then, at the harvesting time, farmers file claims for insurance pay-out, companies test their claims and ultimately fork out the money.&lt;br /&gt;
&lt;br /&gt;
In 2016-17, over the two crop seasons, a total of Rs.22,571 crore was collected as premium, of which about 19% was from farmers directly and the remaining 81% was equally shared between state and central govts. Compensatory insurance pay out on the basis of accepted claims was Rs.15,350 crore. That left the insurance companies with a neat gross profit of Rs.7201 crore. The rate of return is thus about 32%.&lt;br /&gt;
&lt;br /&gt;
Please &lt;a href=&quot;https://newsclick.in/pmfby-insurance-companies-make-super-profits-farmers-suffer&quot;&gt;click here&lt;/a&gt; to read more. &lt;br /&gt;
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-Newsclick.in

Insurance companies have already earned about Rs.16,000 crore in three seasons.

The much-hyped Pradhan Mantri Fasal Bima Yojana (PMFBY) &amp;ndash; supposed to provide insurance protection to farmers against crop losses due to natural events &amp;ndash; has turned into a bonanza for...&#039;,
	&#039;disp&#039; =&gt; &#039;&lt;div align=&quot;justify&quot;&gt;-Newsclick.in&lt;br /&gt;&lt;br /&gt;&lt;em&gt;Insurance companies have already earned about Rs.16,000 crore in three seasons.&lt;br /&gt;&lt;/em&gt;&lt;br /&gt;The much-hyped Pradhan Mantri Fasal Bima Yojana (PMFBY) &amp;ndash; supposed to provide insurance protection to farmers against crop losses due to natural events &amp;ndash; has turned into a bonanza for insurance companies while farmers are angry over delays in claim settlement, rejections and paltry compensation. Launched in 2016, four full seasons have passed since and the financial transactions show earnings of insurance companies reaching almost Rs.16,000 crore from the first three seasons, kharif 2016, rabi 2016-17 and kharif 2017. Although the rabi 2017-18 season is over yet over two months later, claim settlement is still not complete.&lt;br /&gt;&lt;br /&gt;&lt;/div&gt;&lt;div align=&quot;justify&quot;&gt;&lt;img src=&quot;https://im4change.in/siteadmin/tinymce/uploaded/Insurance companies profit.png&quot; alt=&quot;Insurance&quot; width=&quot;755&quot; height=&quot;455&quot; /&gt; &lt;br /&gt;&lt;/div&gt;&lt;div align=&quot;justify&quot;&gt;&amp;nbsp;&lt;/div&gt;&lt;div align=&quot;justify&quot;&gt;In other words, the scheme is essentially transferring farmers&amp;rsquo; money and govt. funds to the insurance companies &amp;rsquo;coffers while pretending to provide much needed compensation to farmers whose crops are lost in inclement weather conditions.&lt;br /&gt;&lt;br /&gt;This and other interesting details of this costly scheme are revealed in a reply given by Gajendra Singh Shekawat, minister of state in the agriculture ministry, to a question (#1170) posed by MP Jharna Das Baidya.&lt;br /&gt;&lt;br /&gt;The scheme works like this: farmers give some premium while the balance is given in equal parts by state govts. and the central govt. All this premium goes to the 13 insurance companies involved in providing crop insurance which includes a few public sector companies too but is dominated by private companies. Then, at the harvesting time, farmers file claims for insurance pay-out, companies test their claims and ultimately fork out the money.&lt;br /&gt;&lt;br /&gt;In 2016-17, over the two crop seasons, a total of Rs.22,571 crore was collected as premium, of which about 19% was from farmers directly and the remaining 81% was equally shared between state and central govts. Compensatory insurance pay out on the basis of accepted claims was Rs.15,350 crore. That left the insurance companies with a neat gross profit of Rs.7201 crore. The rate of return is thus about 32%.&lt;br /&gt;&lt;br /&gt;Please &lt;a href=&quot;https://newsclick.in/pmfby-insurance-companies-make-super-profits-farmers-suffer&quot; title=&quot;https://newsclick.in/pmfby-insurance-companies-make-super-profits-farmers-suffer&quot;&gt;click here&lt;/a&gt; to read more. &lt;br /&gt;&lt;/div&gt;&#039;,
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-Newsclick.in&lt;br /&gt;
&lt;br /&gt;
&lt;em&gt;Insurance companies have already earned about Rs.16,000 crore in three seasons.&lt;br /&gt;
&lt;/em&gt;&lt;br /&gt;
The much-hyped Pradhan Mantri Fasal Bima Yojana (PMFBY) &amp;ndash; supposed to provide insurance protection to farmers against crop losses due to natural events &amp;ndash; has turned into a bonanza for insurance companies while farmers are angry over delays in claim settlement, rejections and paltry compensation. Launched in 2016, four full seasons have passed since and the financial transactions show earnings of insurance companies reaching almost Rs.16,000 crore from the first three seasons, kharif 2016, rabi 2016-17 and kharif 2017. Although the rabi 2017-18 season is over yet over two months later, claim settlement is still not complete.&lt;br /&gt;
&lt;br /&gt;
&lt;/div&gt;
&lt;div align=&quot;justify&quot;&gt;
&lt;img src=&quot;tinymce/uploaded/Insurance companies profit.png&quot; alt=&quot;Insurance&quot; width=&quot;755&quot; height=&quot;455&quot; /&gt; &lt;br /&gt;
&lt;/div&gt;
&lt;div align=&quot;justify&quot;&gt;
&amp;nbsp;
&lt;/div&gt;
&lt;div align=&quot;justify&quot;&gt;
In other words, the scheme is essentially transferring farmers&amp;rsquo; money and govt. funds to the insurance companies &amp;rsquo;coffers while pretending to provide much needed compensation to farmers whose crops are lost in inclement weather conditions.&lt;br /&gt;
&lt;br /&gt;
This and other interesting details of this costly scheme are revealed in a reply given by Gajendra Singh Shekawat, minister of state in the agriculture ministry, to a question (#1170) posed by MP Jharna Das Baidya.&lt;br /&gt;
&lt;br /&gt;
The scheme works like this: farmers give some premium while the balance is given in equal parts by state govts. and the central govt. All this premium goes to the 13 insurance companies involved in providing crop insurance which includes a few public sector companies too but is dominated by private companies. Then, at the harvesting time, farmers file claims for insurance pay-out, companies test their claims and ultimately fork out the money.&lt;br /&gt;
&lt;br /&gt;
In 2016-17, over the two crop seasons, a total of Rs.22,571 crore was collected as premium, of which about 19% was from farmers directly and the remaining 81% was equally shared between state and central govts. Compensatory insurance pay out on the basis of accepted claims was Rs.15,350 crore. That left the insurance companies with a neat gross profit of Rs.7201 crore. The rate of return is thus about 32%.&lt;br /&gt;
&lt;br /&gt;
Please &lt;a href=&quot;https://newsclick.in/pmfby-insurance-companies-make-super-profits-farmers-suffer&quot;&gt;click here&lt;/a&gt; to read more. &lt;br /&gt;
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-Newsclick.in

Insurance companies have already earned about Rs.16,000 crore in three seasons.

The much-hyped Pradhan Mantri Fasal Bima Yojana (PMFBY) &amp;ndash; supposed to provide insurance protection to farmers against crop losses due to natural events &amp;ndash; has turned into a bonanza for...&#039;
$disp = &#039;&lt;div align=&quot;justify&quot;&gt;-Newsclick.in&lt;br /&gt;&lt;br /&gt;&lt;em&gt;Insurance companies have already earned about Rs.16,000 crore in three seasons.&lt;br /&gt;&lt;/em&gt;&lt;br /&gt;The much-hyped Pradhan Mantri Fasal Bima Yojana (PMFBY) &amp;ndash; supposed to provide insurance protection to farmers against crop losses due to natural events &amp;ndash; has turned into a bonanza for insurance companies while farmers are angry over delays in claim settlement, rejections and paltry compensation. Launched in 2016, four full seasons have passed since and the financial transactions show earnings of insurance companies reaching almost Rs.16,000 crore from the first three seasons, kharif 2016, rabi 2016-17 and kharif 2017. Although the rabi 2017-18 season is over yet over two months later, claim settlement is still not complete.&lt;br /&gt;&lt;br /&gt;&lt;/div&gt;&lt;div align=&quot;justify&quot;&gt;&lt;img src=&quot;https://im4change.in/siteadmin/tinymce/uploaded/Insurance companies profit.png&quot; alt=&quot;Insurance&quot; width=&quot;755&quot; height=&quot;455&quot; /&gt; &lt;br /&gt;&lt;/div&gt;&lt;div align=&quot;justify&quot;&gt;&amp;nbsp;&lt;/div&gt;&lt;div align=&quot;justify&quot;&gt;In other words, the scheme is essentially transferring farmers&amp;rsquo; money and govt. funds to the insurance companies &amp;rsquo;coffers while pretending to provide much needed compensation to farmers whose crops are lost in inclement weather conditions.&lt;br /&gt;&lt;br /&gt;This and other interesting details of this costly scheme are revealed in a reply given by Gajendra Singh Shekawat, minister of state in the agriculture ministry, to a question (#1170) posed by MP Jharna Das Baidya.&lt;br /&gt;&lt;br /&gt;The scheme works like this: farmers give some premium while the balance is given in equal parts by state govts. and the central govt. All this premium goes to the 13 insurance companies involved in providing crop insurance which includes a few public sector companies too but is dominated by private companies. Then, at the harvesting time, farmers file claims for insurance pay-out, companies test their claims and ultimately fork out the money.&lt;br /&gt;&lt;br /&gt;In 2016-17, over the two crop seasons, a total of Rs.22,571 crore was collected as premium, of which about 19% was from farmers directly and the remaining 81% was equally shared between state and central govts. Compensatory insurance pay out on the basis of accepted claims was Rs.15,350 crore. That left the insurance companies with a neat gross profit of Rs.7201 crore. The rate of return is thus about 32%.&lt;br /&gt;&lt;br /&gt;Please &lt;a href=&quot;https://newsclick.in/pmfby-insurance-companies-make-super-profits-farmers-suffer&quot; title=&quot;https://newsclick.in/pmfby-insurance-companies-make-super-profits-farmers-suffer&quot;&gt;click here&lt;/a&gt; to read more. &lt;br /&gt;&lt;/div&gt;&#039;
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Cake\View\View::_render() - CORE/src/View/View.php, line 1374
Cake\View\View::renderLayout() - CORE/src/View/View.php, line 927
Cake\View\View::render() - CORE/src/View/View.php, line 885
Cake\Controller\Controller::render() - CORE/src/Controller/Controller.php, line 791
Cake\Http\ActionDispatcher::_invoke() - CORE/src/Http/ActionDispatcher.php, line 126
Cake\Http\ActionDispatcher::dispatch() - CORE/src/Http/ActionDispatcher.php, line 94
Cake\Http\BaseApplication::__invoke() - CORE/src/Http/BaseApplication.php, line 235
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Routing\Middleware\RoutingMiddleware::__invoke() - CORE/src/Routing/Middleware/RoutingMiddleware.php, line 162
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Routing\Middleware\AssetMiddleware::__invoke() - CORE/src/Routing/Middleware/AssetMiddleware.php, line 88
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Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
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-Newsclick.in

Insurance companies have already earned about Rs.16,000 crore in three seasons.

The much-hyped Pradhan Mantri Fasal Bima Yojana (PMFBY) &ndash; supposed to provide insurance protection to farmers against crop losses due to natural events &ndash; has turned into a bonanza for..."/>
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                <strong>PMFBY -- Insurance Companies Make Super Profits, Farmers Suffer -Subodh Varma</strong></h1>
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                <div align="justify">-Newsclick.in<br /><br /><em>Insurance companies have already earned about Rs.16,000 crore in three seasons.<br /></em><br />The much-hyped Pradhan Mantri Fasal Bima Yojana (PMFBY) &ndash; supposed to provide insurance protection to farmers against crop losses due to natural events &ndash; has turned into a bonanza for insurance companies while farmers are angry over delays in claim settlement, rejections and paltry compensation. Launched in 2016, four full seasons have passed since and the financial transactions show earnings of insurance companies reaching almost Rs.16,000 crore from the first three seasons, kharif 2016, rabi 2016-17 and kharif 2017. Although the rabi 2017-18 season is over yet over two months later, claim settlement is still not complete.<br /><br /></div><div align="justify"><img src="https://im4change.in/siteadmin/tinymce/uploaded/Insurance companies profit.png" alt="Insurance" width="755" height="455" /> <br /></div><div align="justify">&nbsp;</div><div align="justify">In other words, the scheme is essentially transferring farmers&rsquo; money and govt. funds to the insurance companies &rsquo;coffers while pretending to provide much needed compensation to farmers whose crops are lost in inclement weather conditions.<br /><br />This and other interesting details of this costly scheme are revealed in a reply given by Gajendra Singh Shekawat, minister of state in the agriculture ministry, to a question (#1170) posed by MP Jharna Das Baidya.<br /><br />The scheme works like this: farmers give some premium while the balance is given in equal parts by state govts. and the central govt. All this premium goes to the 13 insurance companies involved in providing crop insurance which includes a few public sector companies too but is dominated by private companies. Then, at the harvesting time, farmers file claims for insurance pay-out, companies test their claims and ultimately fork out the money.<br /><br />In 2016-17, over the two crop seasons, a total of Rs.22,571 crore was collected as premium, of which about 19% was from farmers directly and the remaining 81% was equally shared between state and central govts. Compensatory insurance pay out on the basis of accepted claims was Rs.15,350 crore. That left the insurance companies with a neat gross profit of Rs.7201 crore. The rate of return is thus about 32%.<br /><br />Please <a href="https://newsclick.in/pmfby-insurance-companies-make-super-profits-farmers-suffer" title="https://newsclick.in/pmfby-insurance-companies-make-super-profits-farmers-suffer">click here</a> to read more. <br /></div>               </font>
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    <link rel="canonical" href="https://im4change.in/<pre class="cake-error"><a href="javascript:void(0);" onclick="document.getElementById('cakeErr67fc32a1cf99f-trace').style.display = (document.getElementById('cakeErr67fc32a1cf99f-trace').style.display == 'none' ? '' : 'none');"><b>Notice</b> (8)</a>: Undefined variable: urlPrefix [<b>APP/Template/Layout/printlayout.ctp</b>, line <b>8</b>]<div id="cakeErr67fc32a1cf99f-trace" class="cake-stack-trace" style="display: none;"><a href="javascript:void(0);" onclick="document.getElementById('cakeErr67fc32a1cf99f-code').style.display = (document.getElementById('cakeErr67fc32a1cf99f-code').style.display == 'none' ? '' : 'none')">Code</a> <a href="javascript:void(0);" onclick="document.getElementById('cakeErr67fc32a1cf99f-context').style.display = (document.getElementById('cakeErr67fc32a1cf99f-context').style.display == 'none' ? '' : 'none')">Context</a><pre id="cakeErr67fc32a1cf99f-code" class="cake-code-dump" style="display: none;"><code><span style="color: #000000"><span style="color: #0000BB"></span><span style="color: #007700">&lt;</span><span style="color: #0000BB">head</span><span style="color: #007700">&gt;
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-Newsclick.in&lt;br /&gt;
&lt;br /&gt;
&lt;em&gt;Insurance companies have already earned about Rs.16,000 crore in three seasons.&lt;br /&gt;
&lt;/em&gt;&lt;br /&gt;
The much-hyped Pradhan Mantri Fasal Bima Yojana (PMFBY) &amp;ndash; supposed to provide insurance protection to farmers against crop losses due to natural events &amp;ndash; has turned into a bonanza for insurance companies while farmers are angry over delays in claim settlement, rejections and paltry compensation. Launched in 2016, four full seasons have passed since and the financial transactions show earnings of insurance companies reaching almost Rs.16,000 crore from the first three seasons, kharif 2016, rabi 2016-17 and kharif 2017. Although the rabi 2017-18 season is over yet over two months later, claim settlement is still not complete.&lt;br /&gt;
&lt;br /&gt;
&lt;/div&gt;
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&lt;img src=&quot;tinymce/uploaded/Insurance companies profit.png&quot; alt=&quot;Insurance&quot; width=&quot;755&quot; height=&quot;455&quot; /&gt; &lt;br /&gt;
&lt;/div&gt;
&lt;div align=&quot;justify&quot;&gt;
&amp;nbsp;
&lt;/div&gt;
&lt;div align=&quot;justify&quot;&gt;
In other words, the scheme is essentially transferring farmers&amp;rsquo; money and govt. funds to the insurance companies &amp;rsquo;coffers while pretending to provide much needed compensation to farmers whose crops are lost in inclement weather conditions.&lt;br /&gt;
&lt;br /&gt;
This and other interesting details of this costly scheme are revealed in a reply given by Gajendra Singh Shekawat, minister of state in the agriculture ministry, to a question (#1170) posed by MP Jharna Das Baidya.&lt;br /&gt;
&lt;br /&gt;
The scheme works like this: farmers give some premium while the balance is given in equal parts by state govts. and the central govt. All this premium goes to the 13 insurance companies involved in providing crop insurance which includes a few public sector companies too but is dominated by private companies. Then, at the harvesting time, farmers file claims for insurance pay-out, companies test their claims and ultimately fork out the money.&lt;br /&gt;
&lt;br /&gt;
In 2016-17, over the two crop seasons, a total of Rs.22,571 crore was collected as premium, of which about 19% was from farmers directly and the remaining 81% was equally shared between state and central govts. Compensatory insurance pay out on the basis of accepted claims was Rs.15,350 crore. That left the insurance companies with a neat gross profit of Rs.7201 crore. The rate of return is thus about 32%.&lt;br /&gt;
&lt;br /&gt;
Please &lt;a href=&quot;https://newsclick.in/pmfby-insurance-companies-make-super-profits-farmers-suffer&quot;&gt;click here&lt;/a&gt; to read more. &lt;br /&gt;
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-Newsclick.in

Insurance companies have already earned about Rs.16,000 crore in three seasons.

The much-hyped Pradhan Mantri Fasal Bima Yojana (PMFBY) &amp;ndash; supposed to provide insurance protection to farmers against crop losses due to natural events &amp;ndash; has turned into a bonanza for...&#039;,
	&#039;disp&#039; =&gt; &#039;&lt;div align=&quot;justify&quot;&gt;-Newsclick.in&lt;br /&gt;&lt;br /&gt;&lt;em&gt;Insurance companies have already earned about Rs.16,000 crore in three seasons.&lt;br /&gt;&lt;/em&gt;&lt;br /&gt;The much-hyped Pradhan Mantri Fasal Bima Yojana (PMFBY) &amp;ndash; supposed to provide insurance protection to farmers against crop losses due to natural events &amp;ndash; has turned into a bonanza for insurance companies while farmers are angry over delays in claim settlement, rejections and paltry compensation. Launched in 2016, four full seasons have passed since and the financial transactions show earnings of insurance companies reaching almost Rs.16,000 crore from the first three seasons, kharif 2016, rabi 2016-17 and kharif 2017. Although the rabi 2017-18 season is over yet over two months later, claim settlement is still not complete.&lt;br /&gt;&lt;br /&gt;&lt;/div&gt;&lt;div align=&quot;justify&quot;&gt;&lt;img src=&quot;https://im4change.in/siteadmin/tinymce/uploaded/Insurance companies profit.png&quot; alt=&quot;Insurance&quot; width=&quot;755&quot; height=&quot;455&quot; /&gt; &lt;br /&gt;&lt;/div&gt;&lt;div align=&quot;justify&quot;&gt;&amp;nbsp;&lt;/div&gt;&lt;div align=&quot;justify&quot;&gt;In other words, the scheme is essentially transferring farmers&amp;rsquo; money and govt. funds to the insurance companies &amp;rsquo;coffers while pretending to provide much needed compensation to farmers whose crops are lost in inclement weather conditions.&lt;br /&gt;&lt;br /&gt;This and other interesting details of this costly scheme are revealed in a reply given by Gajendra Singh Shekawat, minister of state in the agriculture ministry, to a question (#1170) posed by MP Jharna Das Baidya.&lt;br /&gt;&lt;br /&gt;The scheme works like this: farmers give some premium while the balance is given in equal parts by state govts. and the central govt. All this premium goes to the 13 insurance companies involved in providing crop insurance which includes a few public sector companies too but is dominated by private companies. Then, at the harvesting time, farmers file claims for insurance pay-out, companies test their claims and ultimately fork out the money.&lt;br /&gt;&lt;br /&gt;In 2016-17, over the two crop seasons, a total of Rs.22,571 crore was collected as premium, of which about 19% was from farmers directly and the remaining 81% was equally shared between state and central govts. Compensatory insurance pay out on the basis of accepted claims was Rs.15,350 crore. That left the insurance companies with a neat gross profit of Rs.7201 crore. The rate of return is thus about 32%.&lt;br /&gt;&lt;br /&gt;Please &lt;a href=&quot;https://newsclick.in/pmfby-insurance-companies-make-super-profits-farmers-suffer&quot; title=&quot;https://newsclick.in/pmfby-insurance-companies-make-super-profits-farmers-suffer&quot;&gt;click here&lt;/a&gt; to read more. &lt;br /&gt;&lt;/div&gt;&#039;,
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-Newsclick.in&lt;br /&gt;
&lt;br /&gt;
&lt;em&gt;Insurance companies have already earned about Rs.16,000 crore in three seasons.&lt;br /&gt;
&lt;/em&gt;&lt;br /&gt;
The much-hyped Pradhan Mantri Fasal Bima Yojana (PMFBY) &amp;ndash; supposed to provide insurance protection to farmers against crop losses due to natural events &amp;ndash; has turned into a bonanza for insurance companies while farmers are angry over delays in claim settlement, rejections and paltry compensation. Launched in 2016, four full seasons have passed since and the financial transactions show earnings of insurance companies reaching almost Rs.16,000 crore from the first three seasons, kharif 2016, rabi 2016-17 and kharif 2017. Although the rabi 2017-18 season is over yet over two months later, claim settlement is still not complete.&lt;br /&gt;
&lt;br /&gt;
&lt;/div&gt;
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&lt;img src=&quot;tinymce/uploaded/Insurance companies profit.png&quot; alt=&quot;Insurance&quot; width=&quot;755&quot; height=&quot;455&quot; /&gt; &lt;br /&gt;
&lt;/div&gt;
&lt;div align=&quot;justify&quot;&gt;
&amp;nbsp;
&lt;/div&gt;
&lt;div align=&quot;justify&quot;&gt;
In other words, the scheme is essentially transferring farmers&amp;rsquo; money and govt. funds to the insurance companies &amp;rsquo;coffers while pretending to provide much needed compensation to farmers whose crops are lost in inclement weather conditions.&lt;br /&gt;
&lt;br /&gt;
This and other interesting details of this costly scheme are revealed in a reply given by Gajendra Singh Shekawat, minister of state in the agriculture ministry, to a question (#1170) posed by MP Jharna Das Baidya.&lt;br /&gt;
&lt;br /&gt;
The scheme works like this: farmers give some premium while the balance is given in equal parts by state govts. and the central govt. All this premium goes to the 13 insurance companies involved in providing crop insurance which includes a few public sector companies too but is dominated by private companies. Then, at the harvesting time, farmers file claims for insurance pay-out, companies test their claims and ultimately fork out the money.&lt;br /&gt;
&lt;br /&gt;
In 2016-17, over the two crop seasons, a total of Rs.22,571 crore was collected as premium, of which about 19% was from farmers directly and the remaining 81% was equally shared between state and central govts. Compensatory insurance pay out on the basis of accepted claims was Rs.15,350 crore. That left the insurance companies with a neat gross profit of Rs.7201 crore. The rate of return is thus about 32%.&lt;br /&gt;
&lt;br /&gt;
Please &lt;a href=&quot;https://newsclick.in/pmfby-insurance-companies-make-super-profits-farmers-suffer&quot;&gt;click here&lt;/a&gt; to read more. &lt;br /&gt;
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Insurance companies have already earned about Rs.16,000 crore in three seasons.

The much-hyped Pradhan Mantri Fasal Bima Yojana (PMFBY) &amp;ndash; supposed to provide insurance protection to farmers against crop losses due to natural events &amp;ndash; has turned into a bonanza for...&#039;
$disp = &#039;&lt;div align=&quot;justify&quot;&gt;-Newsclick.in&lt;br /&gt;&lt;br /&gt;&lt;em&gt;Insurance companies have already earned about Rs.16,000 crore in three seasons.&lt;br /&gt;&lt;/em&gt;&lt;br /&gt;The much-hyped Pradhan Mantri Fasal Bima Yojana (PMFBY) &amp;ndash; supposed to provide insurance protection to farmers against crop losses due to natural events &amp;ndash; has turned into a bonanza for insurance companies while farmers are angry over delays in claim settlement, rejections and paltry compensation. Launched in 2016, four full seasons have passed since and the financial transactions show earnings of insurance companies reaching almost Rs.16,000 crore from the first three seasons, kharif 2016, rabi 2016-17 and kharif 2017. Although the rabi 2017-18 season is over yet over two months later, claim settlement is still not complete.&lt;br /&gt;&lt;br /&gt;&lt;/div&gt;&lt;div align=&quot;justify&quot;&gt;&lt;img src=&quot;https://im4change.in/siteadmin/tinymce/uploaded/Insurance companies profit.png&quot; alt=&quot;Insurance&quot; width=&quot;755&quot; height=&quot;455&quot; /&gt; &lt;br /&gt;&lt;/div&gt;&lt;div align=&quot;justify&quot;&gt;&amp;nbsp;&lt;/div&gt;&lt;div align=&quot;justify&quot;&gt;In other words, the scheme is essentially transferring farmers&amp;rsquo; money and govt. funds to the insurance companies &amp;rsquo;coffers while pretending to provide much needed compensation to farmers whose crops are lost in inclement weather conditions.&lt;br /&gt;&lt;br /&gt;This and other interesting details of this costly scheme are revealed in a reply given by Gajendra Singh Shekawat, minister of state in the agriculture ministry, to a question (#1170) posed by MP Jharna Das Baidya.&lt;br /&gt;&lt;br /&gt;The scheme works like this: farmers give some premium while the balance is given in equal parts by state govts. and the central govt. All this premium goes to the 13 insurance companies involved in providing crop insurance which includes a few public sector companies too but is dominated by private companies. Then, at the harvesting time, farmers file claims for insurance pay-out, companies test their claims and ultimately fork out the money.&lt;br /&gt;&lt;br /&gt;In 2016-17, over the two crop seasons, a total of Rs.22,571 crore was collected as premium, of which about 19% was from farmers directly and the remaining 81% was equally shared between state and central govts. Compensatory insurance pay out on the basis of accepted claims was Rs.15,350 crore. That left the insurance companies with a neat gross profit of Rs.7201 crore. The rate of return is thus about 32%.&lt;br /&gt;&lt;br /&gt;Please &lt;a href=&quot;https://newsclick.in/pmfby-insurance-companies-make-super-profits-farmers-suffer&quot; title=&quot;https://newsclick.in/pmfby-insurance-companies-make-super-profits-farmers-suffer&quot;&gt;click here&lt;/a&gt; to read more. &lt;br /&gt;&lt;/div&gt;&#039;
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Insurance companies have already earned about Rs.16,000 crore in three seasons.

The much-hyped Pradhan Mantri Fasal Bima Yojana (PMFBY) &ndash; supposed to provide insurance protection to farmers against crop losses due to natural events &ndash; has turned into a bonanza for..."/>
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                <strong>PMFBY -- Insurance Companies Make Super Profits, Farmers Suffer -Subodh Varma</strong></h1>
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                <div align="justify">-Newsclick.in<br /><br /><em>Insurance companies have already earned about Rs.16,000 crore in three seasons.<br /></em><br />The much-hyped Pradhan Mantri Fasal Bima Yojana (PMFBY) &ndash; supposed to provide insurance protection to farmers against crop losses due to natural events &ndash; has turned into a bonanza for insurance companies while farmers are angry over delays in claim settlement, rejections and paltry compensation. Launched in 2016, four full seasons have passed since and the financial transactions show earnings of insurance companies reaching almost Rs.16,000 crore from the first three seasons, kharif 2016, rabi 2016-17 and kharif 2017. Although the rabi 2017-18 season is over yet over two months later, claim settlement is still not complete.<br /><br /></div><div align="justify"><img src="https://im4change.in/siteadmin/tinymce/uploaded/Insurance companies profit.png" alt="Insurance" width="755" height="455" /> <br /></div><div align="justify">&nbsp;</div><div align="justify">In other words, the scheme is essentially transferring farmers&rsquo; money and govt. funds to the insurance companies &rsquo;coffers while pretending to provide much needed compensation to farmers whose crops are lost in inclement weather conditions.<br /><br />This and other interesting details of this costly scheme are revealed in a reply given by Gajendra Singh Shekawat, minister of state in the agriculture ministry, to a question (#1170) posed by MP Jharna Das Baidya.<br /><br />The scheme works like this: farmers give some premium while the balance is given in equal parts by state govts. and the central govt. All this premium goes to the 13 insurance companies involved in providing crop insurance which includes a few public sector companies too but is dominated by private companies. Then, at the harvesting time, farmers file claims for insurance pay-out, companies test their claims and ultimately fork out the money.<br /><br />In 2016-17, over the two crop seasons, a total of Rs.22,571 crore was collected as premium, of which about 19% was from farmers directly and the remaining 81% was equally shared between state and central govts. Compensatory insurance pay out on the basis of accepted claims was Rs.15,350 crore. That left the insurance companies with a neat gross profit of Rs.7201 crore. The rate of return is thus about 32%.<br /><br />Please <a href="https://newsclick.in/pmfby-insurance-companies-make-super-profits-farmers-suffer" title="https://newsclick.in/pmfby-insurance-companies-make-super-profits-farmers-suffer">click here</a> to read more. <br /></div>               </font>
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-Newsclick.in&lt;br /&gt;
&lt;br /&gt;
&lt;em&gt;Insurance companies have already earned about Rs.16,000 crore in three seasons.&lt;br /&gt;
&lt;/em&gt;&lt;br /&gt;
The much-hyped Pradhan Mantri Fasal Bima Yojana (PMFBY) &amp;ndash; supposed to provide insurance protection to farmers against crop losses due to natural events &amp;ndash; has turned into a bonanza for insurance companies while farmers are angry over delays in claim settlement, rejections and paltry compensation. Launched in 2016, four full seasons have passed since and the financial transactions show earnings of insurance companies reaching almost Rs.16,000 crore from the first three seasons, kharif 2016, rabi 2016-17 and kharif 2017. Although the rabi 2017-18 season is over yet over two months later, claim settlement is still not complete.&lt;br /&gt;
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In other words, the scheme is essentially transferring farmers&amp;rsquo; money and govt. funds to the insurance companies &amp;rsquo;coffers while pretending to provide much needed compensation to farmers whose crops are lost in inclement weather conditions.&lt;br /&gt;
&lt;br /&gt;
This and other interesting details of this costly scheme are revealed in a reply given by Gajendra Singh Shekawat, minister of state in the agriculture ministry, to a question (#1170) posed by MP Jharna Das Baidya.&lt;br /&gt;
&lt;br /&gt;
The scheme works like this: farmers give some premium while the balance is given in equal parts by state govts. and the central govt. All this premium goes to the 13 insurance companies involved in providing crop insurance which includes a few public sector companies too but is dominated by private companies. Then, at the harvesting time, farmers file claims for insurance pay-out, companies test their claims and ultimately fork out the money.&lt;br /&gt;
&lt;br /&gt;
In 2016-17, over the two crop seasons, a total of Rs.22,571 crore was collected as premium, of which about 19% was from farmers directly and the remaining 81% was equally shared between state and central govts. Compensatory insurance pay out on the basis of accepted claims was Rs.15,350 crore. That left the insurance companies with a neat gross profit of Rs.7201 crore. The rate of return is thus about 32%.&lt;br /&gt;
&lt;br /&gt;
Please &lt;a href=&quot;https://newsclick.in/pmfby-insurance-companies-make-super-profits-farmers-suffer&quot;&gt;click here&lt;/a&gt; to read more. &lt;br /&gt;
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-Newsclick.in

Insurance companies have already earned about Rs.16,000 crore in three seasons.

The much-hyped Pradhan Mantri Fasal Bima Yojana (PMFBY) &amp;ndash; supposed to provide insurance protection to farmers against crop losses due to natural events &amp;ndash; has turned into a bonanza for...&#039;,
	&#039;disp&#039; =&gt; &#039;&lt;div align=&quot;justify&quot;&gt;-Newsclick.in&lt;br /&gt;&lt;br /&gt;&lt;em&gt;Insurance companies have already earned about Rs.16,000 crore in three seasons.&lt;br /&gt;&lt;/em&gt;&lt;br /&gt;The much-hyped Pradhan Mantri Fasal Bima Yojana (PMFBY) &amp;ndash; supposed to provide insurance protection to farmers against crop losses due to natural events &amp;ndash; has turned into a bonanza for insurance companies while farmers are angry over delays in claim settlement, rejections and paltry compensation. Launched in 2016, four full seasons have passed since and the financial transactions show earnings of insurance companies reaching almost Rs.16,000 crore from the first three seasons, kharif 2016, rabi 2016-17 and kharif 2017. Although the rabi 2017-18 season is over yet over two months later, claim settlement is still not complete.&lt;br /&gt;&lt;br /&gt;&lt;/div&gt;&lt;div align=&quot;justify&quot;&gt;&lt;img src=&quot;https://im4change.in/siteadmin/tinymce/uploaded/Insurance companies profit.png&quot; alt=&quot;Insurance&quot; width=&quot;755&quot; height=&quot;455&quot; /&gt; &lt;br /&gt;&lt;/div&gt;&lt;div align=&quot;justify&quot;&gt;&amp;nbsp;&lt;/div&gt;&lt;div align=&quot;justify&quot;&gt;In other words, the scheme is essentially transferring farmers&amp;rsquo; money and govt. funds to the insurance companies &amp;rsquo;coffers while pretending to provide much needed compensation to farmers whose crops are lost in inclement weather conditions.&lt;br /&gt;&lt;br /&gt;This and other interesting details of this costly scheme are revealed in a reply given by Gajendra Singh Shekawat, minister of state in the agriculture ministry, to a question (#1170) posed by MP Jharna Das Baidya.&lt;br /&gt;&lt;br /&gt;The scheme works like this: farmers give some premium while the balance is given in equal parts by state govts. and the central govt. All this premium goes to the 13 insurance companies involved in providing crop insurance which includes a few public sector companies too but is dominated by private companies. Then, at the harvesting time, farmers file claims for insurance pay-out, companies test their claims and ultimately fork out the money.&lt;br /&gt;&lt;br /&gt;In 2016-17, over the two crop seasons, a total of Rs.22,571 crore was collected as premium, of which about 19% was from farmers directly and the remaining 81% was equally shared between state and central govts. Compensatory insurance pay out on the basis of accepted claims was Rs.15,350 crore. That left the insurance companies with a neat gross profit of Rs.7201 crore. The rate of return is thus about 32%.&lt;br /&gt;&lt;br /&gt;Please &lt;a href=&quot;https://newsclick.in/pmfby-insurance-companies-make-super-profits-farmers-suffer&quot; title=&quot;https://newsclick.in/pmfby-insurance-companies-make-super-profits-farmers-suffer&quot;&gt;click here&lt;/a&gt; to read more. &lt;br /&gt;&lt;/div&gt;&#039;,
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-Newsclick.in&lt;br /&gt;
&lt;br /&gt;
&lt;em&gt;Insurance companies have already earned about Rs.16,000 crore in three seasons.&lt;br /&gt;
&lt;/em&gt;&lt;br /&gt;
The much-hyped Pradhan Mantri Fasal Bima Yojana (PMFBY) &amp;ndash; supposed to provide insurance protection to farmers against crop losses due to natural events &amp;ndash; has turned into a bonanza for insurance companies while farmers are angry over delays in claim settlement, rejections and paltry compensation. Launched in 2016, four full seasons have passed since and the financial transactions show earnings of insurance companies reaching almost Rs.16,000 crore from the first three seasons, kharif 2016, rabi 2016-17 and kharif 2017. Although the rabi 2017-18 season is over yet over two months later, claim settlement is still not complete.&lt;br /&gt;
&lt;br /&gt;
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&lt;div align=&quot;justify&quot;&gt;
&amp;nbsp;
&lt;/div&gt;
&lt;div align=&quot;justify&quot;&gt;
In other words, the scheme is essentially transferring farmers&amp;rsquo; money and govt. funds to the insurance companies &amp;rsquo;coffers while pretending to provide much needed compensation to farmers whose crops are lost in inclement weather conditions.&lt;br /&gt;
&lt;br /&gt;
This and other interesting details of this costly scheme are revealed in a reply given by Gajendra Singh Shekawat, minister of state in the agriculture ministry, to a question (#1170) posed by MP Jharna Das Baidya.&lt;br /&gt;
&lt;br /&gt;
The scheme works like this: farmers give some premium while the balance is given in equal parts by state govts. and the central govt. All this premium goes to the 13 insurance companies involved in providing crop insurance which includes a few public sector companies too but is dominated by private companies. Then, at the harvesting time, farmers file claims for insurance pay-out, companies test their claims and ultimately fork out the money.&lt;br /&gt;
&lt;br /&gt;
In 2016-17, over the two crop seasons, a total of Rs.22,571 crore was collected as premium, of which about 19% was from farmers directly and the remaining 81% was equally shared between state and central govts. Compensatory insurance pay out on the basis of accepted claims was Rs.15,350 crore. That left the insurance companies with a neat gross profit of Rs.7201 crore. The rate of return is thus about 32%.&lt;br /&gt;
&lt;br /&gt;
Please &lt;a href=&quot;https://newsclick.in/pmfby-insurance-companies-make-super-profits-farmers-suffer&quot;&gt;click here&lt;/a&gt; to read more. &lt;br /&gt;
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Insurance companies have already earned about Rs.16,000 crore in three seasons.

The much-hyped Pradhan Mantri Fasal Bima Yojana (PMFBY) &amp;ndash; supposed to provide insurance protection to farmers against crop losses due to natural events &amp;ndash; has turned into a bonanza for...&#039;
$disp = &#039;&lt;div align=&quot;justify&quot;&gt;-Newsclick.in&lt;br /&gt;&lt;br /&gt;&lt;em&gt;Insurance companies have already earned about Rs.16,000 crore in three seasons.&lt;br /&gt;&lt;/em&gt;&lt;br /&gt;The much-hyped Pradhan Mantri Fasal Bima Yojana (PMFBY) &amp;ndash; supposed to provide insurance protection to farmers against crop losses due to natural events &amp;ndash; has turned into a bonanza for insurance companies while farmers are angry over delays in claim settlement, rejections and paltry compensation. Launched in 2016, four full seasons have passed since and the financial transactions show earnings of insurance companies reaching almost Rs.16,000 crore from the first three seasons, kharif 2016, rabi 2016-17 and kharif 2017. Although the rabi 2017-18 season is over yet over two months later, claim settlement is still not complete.&lt;br /&gt;&lt;br /&gt;&lt;/div&gt;&lt;div align=&quot;justify&quot;&gt;&lt;img src=&quot;https://im4change.in/siteadmin/tinymce/uploaded/Insurance companies profit.png&quot; alt=&quot;Insurance&quot; width=&quot;755&quot; height=&quot;455&quot; /&gt; &lt;br /&gt;&lt;/div&gt;&lt;div align=&quot;justify&quot;&gt;&amp;nbsp;&lt;/div&gt;&lt;div align=&quot;justify&quot;&gt;In other words, the scheme is essentially transferring farmers&amp;rsquo; money and govt. funds to the insurance companies &amp;rsquo;coffers while pretending to provide much needed compensation to farmers whose crops are lost in inclement weather conditions.&lt;br /&gt;&lt;br /&gt;This and other interesting details of this costly scheme are revealed in a reply given by Gajendra Singh Shekawat, minister of state in the agriculture ministry, to a question (#1170) posed by MP Jharna Das Baidya.&lt;br /&gt;&lt;br /&gt;The scheme works like this: farmers give some premium while the balance is given in equal parts by state govts. and the central govt. All this premium goes to the 13 insurance companies involved in providing crop insurance which includes a few public sector companies too but is dominated by private companies. Then, at the harvesting time, farmers file claims for insurance pay-out, companies test their claims and ultimately fork out the money.&lt;br /&gt;&lt;br /&gt;In 2016-17, over the two crop seasons, a total of Rs.22,571 crore was collected as premium, of which about 19% was from farmers directly and the remaining 81% was equally shared between state and central govts. Compensatory insurance pay out on the basis of accepted claims was Rs.15,350 crore. That left the insurance companies with a neat gross profit of Rs.7201 crore. The rate of return is thus about 32%.&lt;br /&gt;&lt;br /&gt;Please &lt;a href=&quot;https://newsclick.in/pmfby-insurance-companies-make-super-profits-farmers-suffer&quot; title=&quot;https://newsclick.in/pmfby-insurance-companies-make-super-profits-farmers-suffer&quot;&gt;click here&lt;/a&gt; to read more. &lt;br /&gt;&lt;/div&gt;&#039;
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The much-hyped Pradhan Mantri Fasal Bima Yojana (PMFBY) &ndash; supposed to provide insurance protection to farmers against crop losses due to natural events &ndash; has turned into a bonanza for..."/>
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                <strong>PMFBY -- Insurance Companies Make Super Profits, Farmers Suffer -Subodh Varma</strong></h1>
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                <div align="justify">-Newsclick.in<br /><br /><em>Insurance companies have already earned about Rs.16,000 crore in three seasons.<br /></em><br />The much-hyped Pradhan Mantri Fasal Bima Yojana (PMFBY) &ndash; supposed to provide insurance protection to farmers against crop losses due to natural events &ndash; has turned into a bonanza for insurance companies while farmers are angry over delays in claim settlement, rejections and paltry compensation. Launched in 2016, four full seasons have passed since and the financial transactions show earnings of insurance companies reaching almost Rs.16,000 crore from the first three seasons, kharif 2016, rabi 2016-17 and kharif 2017. Although the rabi 2017-18 season is over yet over two months later, claim settlement is still not complete.<br /><br /></div><div align="justify"><img src="https://im4change.in/siteadmin/tinymce/uploaded/Insurance companies profit.png" alt="Insurance" width="755" height="455" /> <br /></div><div align="justify">&nbsp;</div><div align="justify">In other words, the scheme is essentially transferring farmers&rsquo; money and govt. funds to the insurance companies &rsquo;coffers while pretending to provide much needed compensation to farmers whose crops are lost in inclement weather conditions.<br /><br />This and other interesting details of this costly scheme are revealed in a reply given by Gajendra Singh Shekawat, minister of state in the agriculture ministry, to a question (#1170) posed by MP Jharna Das Baidya.<br /><br />The scheme works like this: farmers give some premium while the balance is given in equal parts by state govts. and the central govt. All this premium goes to the 13 insurance companies involved in providing crop insurance which includes a few public sector companies too but is dominated by private companies. Then, at the harvesting time, farmers file claims for insurance pay-out, companies test their claims and ultimately fork out the money.<br /><br />In 2016-17, over the two crop seasons, a total of Rs.22,571 crore was collected as premium, of which about 19% was from farmers directly and the remaining 81% was equally shared between state and central govts. Compensatory insurance pay out on the basis of accepted claims was Rs.15,350 crore. That left the insurance companies with a neat gross profit of Rs.7201 crore. The rate of return is thus about 32%.<br /><br />Please <a href="https://newsclick.in/pmfby-insurance-companies-make-super-profits-farmers-suffer" title="https://newsclick.in/pmfby-insurance-companies-make-super-profits-farmers-suffer">click here</a> to read more. <br /></div>               </font>
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-Newsclick.in<br />
<br />
<em>Insurance companies have already earned about Rs.16,000 crore in three seasons.<br />
</em><br />
The much-hyped Pradhan Mantri Fasal Bima Yojana (PMFBY) &ndash; supposed to provide insurance protection to farmers against crop losses due to natural events &ndash; has turned into a bonanza for insurance companies while farmers are angry over delays in claim settlement, rejections and paltry compensation. Launched in 2016, four full seasons have passed since and the financial transactions show earnings of insurance companies reaching almost Rs.16,000 crore from the first three seasons, kharif 2016, rabi 2016-17 and kharif 2017. Although the rabi 2017-18 season is over yet over two months later, claim settlement is still not complete.<br />
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In other words, the scheme is essentially transferring farmers&rsquo; money and govt. funds to the insurance companies &rsquo;coffers while pretending to provide much needed compensation to farmers whose crops are lost in inclement weather conditions.<br />
<br />
This and other interesting details of this costly scheme are revealed in a reply given by Gajendra Singh Shekawat, minister of state in the agriculture ministry, to a question (#1170) posed by MP Jharna Das Baidya.<br />
<br />
The scheme works like this: farmers give some premium while the balance is given in equal parts by state govts. and the central govt. All this premium goes to the 13 insurance companies involved in providing crop insurance which includes a few public sector companies too but is dominated by private companies. Then, at the harvesting time, farmers file claims for insurance pay-out, companies test their claims and ultimately fork out the money.<br />
<br />
In 2016-17, over the two crop seasons, a total of Rs.22,571 crore was collected as premium, of which about 19% was from farmers directly and the remaining 81% was equally shared between state and central govts. Compensatory insurance pay out on the basis of accepted claims was Rs.15,350 crore. That left the insurance companies with a neat gross profit of Rs.7201 crore. The rate of return is thus about 32%.<br />
<br />
Please <a href="https://newsclick.in/pmfby-insurance-companies-make-super-profits-farmers-suffer">click here</a> to read more. <br />
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-Newsclick.in

Insurance companies have already earned about Rs.16,000 crore in three seasons.

The much-hyped Pradhan Mantri Fasal Bima Yojana (PMFBY) &ndash; supposed to provide insurance protection to farmers against crop losses due to natural events &ndash; has turned into a bonanza for...',
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-Newsclick.in<br />
<br />
<em>Insurance companies have already earned about Rs.16,000 crore in three seasons.<br />
</em><br />
The much-hyped Pradhan Mantri Fasal Bima Yojana (PMFBY) &ndash; supposed to provide insurance protection to farmers against crop losses due to natural events &ndash; has turned into a bonanza for insurance companies while farmers are angry over delays in claim settlement, rejections and paltry compensation. Launched in 2016, four full seasons have passed since and the financial transactions show earnings of insurance companies reaching almost Rs.16,000 crore from the first three seasons, kharif 2016, rabi 2016-17 and kharif 2017. Although the rabi 2017-18 season is over yet over two months later, claim settlement is still not complete.<br />
<br />
</div>
<div align="justify">
<img src="tinymce/uploaded/Insurance companies profit.png" alt="Insurance" width="755" height="455" /> <br />
</div>
<div align="justify">
&nbsp;
</div>
<div align="justify">
In other words, the scheme is essentially transferring farmers&rsquo; money and govt. funds to the insurance companies &rsquo;coffers while pretending to provide much needed compensation to farmers whose crops are lost in inclement weather conditions.<br />
<br />
This and other interesting details of this costly scheme are revealed in a reply given by Gajendra Singh Shekawat, minister of state in the agriculture ministry, to a question (#1170) posed by MP Jharna Das Baidya.<br />
<br />
The scheme works like this: farmers give some premium while the balance is given in equal parts by state govts. and the central govt. All this premium goes to the 13 insurance companies involved in providing crop insurance which includes a few public sector companies too but is dominated by private companies. Then, at the harvesting time, farmers file claims for insurance pay-out, companies test their claims and ultimately fork out the money.<br />
<br />
In 2016-17, over the two crop seasons, a total of Rs.22,571 crore was collected as premium, of which about 19% was from farmers directly and the remaining 81% was equally shared between state and central govts. Compensatory insurance pay out on the basis of accepted claims was Rs.15,350 crore. That left the insurance companies with a neat gross profit of Rs.7201 crore. The rate of return is thus about 32%.<br />
<br />
Please <a href="https://newsclick.in/pmfby-insurance-companies-make-super-profits-farmers-suffer">click here</a> to read more. <br />
</div>',
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$metaTitle = 'LATEST NEWS UPDATES | PMFBY -- Insurance Companies Make Super Profits, Farmers Suffer -Subodh Varma'
$metaKeywords = 'Pradhan Mantri Fasal Bima Yojana (PMFBY),Pradhan Mantri Fasal Bima Yojana,Crop Insurance,Crop Failure,crop damage'
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-Newsclick.in

Insurance companies have already earned about Rs.16,000 crore in three seasons.

The much-hyped Pradhan Mantri Fasal Bima Yojana (PMFBY) &ndash; supposed to provide insurance protection to farmers against crop losses due to natural events &ndash; has turned into a bonanza for...'
$disp = '<div align="justify">-Newsclick.in<br /><br /><em>Insurance companies have already earned about Rs.16,000 crore in three seasons.<br /></em><br />The much-hyped Pradhan Mantri Fasal Bima Yojana (PMFBY) &ndash; supposed to provide insurance protection to farmers against crop losses due to natural events &ndash; has turned into a bonanza for insurance companies while farmers are angry over delays in claim settlement, rejections and paltry compensation. Launched in 2016, four full seasons have passed since and the financial transactions show earnings of insurance companies reaching almost Rs.16,000 crore from the first three seasons, kharif 2016, rabi 2016-17 and kharif 2017. Although the rabi 2017-18 season is over yet over two months later, claim settlement is still not complete.<br /><br /></div><div align="justify"><img src="https://im4change.in/siteadmin/tinymce/uploaded/Insurance companies profit.png" alt="Insurance" width="755" height="455" /> <br /></div><div align="justify">&nbsp;</div><div align="justify">In other words, the scheme is essentially transferring farmers&rsquo; money and govt. funds to the insurance companies &rsquo;coffers while pretending to provide much needed compensation to farmers whose crops are lost in inclement weather conditions.<br /><br />This and other interesting details of this costly scheme are revealed in a reply given by Gajendra Singh Shekawat, minister of state in the agriculture ministry, to a question (#1170) posed by MP Jharna Das Baidya.<br /><br />The scheme works like this: farmers give some premium while the balance is given in equal parts by state govts. and the central govt. All this premium goes to the 13 insurance companies involved in providing crop insurance which includes a few public sector companies too but is dominated by private companies. Then, at the harvesting time, farmers file claims for insurance pay-out, companies test their claims and ultimately fork out the money.<br /><br />In 2016-17, over the two crop seasons, a total of Rs.22,571 crore was collected as premium, of which about 19% was from farmers directly and the remaining 81% was equally shared between state and central govts. Compensatory insurance pay out on the basis of accepted claims was Rs.15,350 crore. That left the insurance companies with a neat gross profit of Rs.7201 crore. The rate of return is thus about 32%.<br /><br />Please <a href="https://newsclick.in/pmfby-insurance-companies-make-super-profits-farmers-suffer" title="https://newsclick.in/pmfby-insurance-companies-make-super-profits-farmers-suffer">click here</a> to read more. <br /></div>'
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PMFBY -- Insurance Companies Make Super Profits, Farmers Suffer -Subodh Varma

-Newsclick.in Insurance companies have already earned about Rs.16,000 crore in three seasons. The much-hyped Pradhan Mantri Fasal Bima Yojana (PMFBY) – supposed to provide insurance protection to farmers against crop losses due to natural events – has turned into a bonanza for insurance companies while farmers are angry over delays in claim settlement, rejections and paltry compensation. Launched in 2016, four full seasons have passed since and the financial transactions show earnings of insurance companies reaching almost Rs.16,000 crore from the first three seasons, kharif 2016, rabi 2016-17 and kharif 2017. Although the rabi 2017-18 season is over yet over two months later, claim settlement is still not complete.   In other words, the scheme is essentially transferring farmers’ money and govt. funds to the insurance companies ’coffers while pretending to provide much needed compensation to farmers whose crops are lost in inclement weather conditions. This and other interesting details of this costly scheme are revealed in a reply given by Gajendra Singh Shekawat, minister of state in the agriculture ministry, to a question (#1170) posed by MP Jharna Das Baidya. The scheme works like this: farmers give some premium while the balance is given in equal parts by state govts. and the central govt. All this premium goes to the 13 insurance companies involved in providing crop insurance which includes a few public sector companies too but is dominated by private companies. Then, at the harvesting time, farmers file claims for insurance pay-out, companies test their claims and ultimately fork out the money. In 2016-17, over the two crop seasons, a total of Rs.22,571 crore was collected as premium, of which about 19% was from farmers directly and the remaining 81% was equally shared between state and central govts. Compensatory insurance pay out on the basis of accepted claims was Rs.15,350 crore. That left the insurance companies with a neat gross profit of Rs.7201 crore. The rate of return is thus about 32%. Please click here to read more.