New Delhi: The Center is preparing to amend the Pradhan Mantri Fasal Bima Yojana so that farmers get maximum benefits from the scheme. The Center plans to introduce a revised crop insurance scheme in the crop year 2023-24.

Under this, insurance companies will have to return 60% to 130% of the total premium amount to the farmers in the form of a crop insurance claim. This step is being taken as the claim amount is continuously decreasing in comparison to the premium, so that the farmers get the benefit.

Government spending will decrease

This scheme of the government will increase the scope of crop insurance. If the claim amount is less than 60% of the total premium, the remaining amount will have to be returned by the insurance companies to the government.

At the same time, if the claim amount exceeds 130%, the government will compensate the insurance companies. To improve and expand the scope of the crop insurance scheme, the Ministry of Agriculture has constituted three expert panels, two have also submitted the report.

These states have opted out of the scheme:

These states have left the scheme: Punjab has not yet implemented the Pradhan Mantri Fasal Bima Yojana. Whereas, Telangana, Bihar, Jharkhand, West Bengal, and Gujarat have opted out of the scheme due to an increase in premium burden. Andhra Pradesh has rejoined this scheme in the Kharif season of 2022.