HDFC ERGO General Insurance, a leading private sector general insurance company in India, has been authorized by the Government of Maharashtra to implement the Pradhan Mantri Fasal Bima Yojana (PMFBY) for the Kharif 2024 season. The scheme will benefit loanee and non-loanee farmers in Osmanabad, Dhule, Pune, Hingoli, and Akola districts.
Under PMFBY, farmers will receive insurance coverage for various crops, including Jowar, Bajra, Soybean, Mug, Udid, Tur, Cotton, Maize, Paddy, Ragi, Groundnut, Sesamum, and Onion. The scheme aims to protect farmers against various external risks such as drought, floods, dry spells, landslides, cyclones, hurricanes, hailstorms, inundations, pests, and diseases. The sum insured and the farmer premium per hectare for each crop have been specified, with a cut-off date of July 15, 2024, for applications.
“ HDFC ERGO’s involvement will ensure that farmers are protected from crop yield losses due to external factors. The state government will conduct Crop Cutting Experiments (CCEs) to assess yield loss in the notified crops. If the yield data from these experiments show a shortfall, the farmers will be compensated accordingly,” the company stated in a press release.
The PMFBY scheme covers all stages of the crop cycle, including pre-sowing, harvesting, and post-harvest risks. The Department of Agriculture, Government of Maharashtra, has approved all products under this scheme. Farmers from the designated districts can contact their respective banks, Common Service Centres (CSCs), or authorized HDFC ERGO agents to obtain insurance cover for the crops listed.
The company added in a press statement that this initiative aims to provide a safety net for farmers, ensure financial stability, and encourage sustainable agricultural practices.