Recently approved Pradhan Mantri Fasal Bima Yojana (PMFBY) and restructured Weather Based Crop Insurance Scheme (WBCIS) provide time bound seasonality alongwith calculation of claims settlement by insurance companies and payment to farmers account by financial institutions/banks. Details are given below.
Details of time lines provided under Pradhan Mantri Fasal Bima Yojana (PMFBY) and Restructured Weather Based Crop Insurance Scheme (WBCIS)
Wide Spread Calamities (based on season-end yield)
The time line for receipt of final yield data for assessment of crop loss has been fixed as “within one month from final harvest”.
To increase the reliability, accuracy and speed of CCE data, mandatory use of smart phones/hand held devices for capturing images, location of the CCE and for online transmission of data on centralized server (eg Bhuvan server) would be done for faster compilation of data and quick claim settlement.
Final Claims will be paid with three weeks from receipts of yield data.
Wide spread calamities (On Account payment of Claims due to Mid-Season Adversity)
On – account payment would be paid to all eligible insured farmers within one month of the notification invoking this provision by the State Government.
Prevented/Failed Sowing and Prevented Planting/Germination
The insurance company would disburse the claim within 30 days of the State’s order/notification invoking the event.
The insurance company would disburse the claim, if payable within 30 days of receipt of loss survey report.
The loss assessment should be completed within12 days after the intimation by the farmer.
The insurance company would disburse the claim, if payable with 30 days of survey of loss.
The loss assessment should be completed with 12 days after the intimation by the farmer.