Insurance companies urged to pay interest on delayed crop insurance claims
Addressing press persons in Kalaburagi on July 14, Mr. Zhalki said that farmers are eligible to claim interest on delayed crop insurance payment. If the insurance companies fail to settle claims within the stipulated period, they are liable to pay the insurance claim, along with the 12% interest to distressed farmers under Pradhan Mantri Fasal Bima Yojana (PMFBY)
Mr. Zhalki urged the Agriculture Department and insurance Companies to encourage widespread crop insurance adoption by creating awareness about its benefits, and simplifying the enrollment process.
Of nearly seven lakh farmers engaged in agricultural activities in the Kalaburagi district, only 2.5 lakh farmers opted for crop insurance in 2024, he added.
He demanded that the Agriculture Department launch awareness campaigns at gram panchayat level to educate farmers about benefits of PMFBY, and encourage them to insure their crop to mitigate financial risks associated with crop loss.
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