Kshema Pays Over ₹160 Crore Under Prime Minister Crop Insurance Scheme in Rajasthan

Kshema General Insurance Limited has disbursed over ₹160 crore in insurance payouts under the Prime Minister Crop Insurance Scheme (PMFBY) for the kharif season 2023-24 in Sri Ganganagar, Bundi, and Alwar.

Kshema processed claims from 581,606 applications received from these three districts. Speaking about the payments, Kumar Saurabh, Chief Risk Officer of Kshema General Insurance Limited, stated, "I am pleased to announce that we have paid out over ₹160 crore to farmers in Sri Ganganagar, Bundi, and Alwar under PMFBY. These payments settle claims for crop losses incurred during the previous kharif season. This demonstrates our commitment to farmers across India who have purchased over one crore crop insurance policies from Kshema. Our aim is to provide financial security to farmers while minimizing income losses caused by extreme weather events. These claims have been processed in accordance with government guidelines."

During this process, Kshema is utilizing advanced technology to prevent insurance fraud and ensure that the benefits of PMFBY reach the farmers. The company employs satellite imagery and geospatial data to detect fraudulent claims, such as applications for fields where no crops were planted or discrepancies between the listed and actual crops grown. Kshema is dedicated to protecting farmers' interests and safeguarding taxpayer money by identifying fraudulent activities. The Rajasthan government also supports Kshema's efforts in addressing these fraud cases.

Discussing the role of insurance providers under PMFBY, Saurabh said, "Attempts at fraud or criminal activity are illegal and harm those farmers who are entitled to receive their insurance payouts promptly. According to PMFBY guidelines, insurance providers have the right to survey the relevant fields. During this crucial duty, Kshema employees have faced threats, including intimidation in certain villages due to misinformation. There have even been attacks while monitoring crops. Rumors are circulating that insurance providers conduct these surveys to evade claim payments. However, the reality is that these surveys are a vital part of the PMFBY protocol, aimed at gathering and disseminating relevant data to expedite claims processing."

Due to the obstacles created, many legitimate farmers may miss out on benefits under PMFBY, while fraudulent claimants could receive payments intended for them. This situation ultimately harms all eligible farmers since crop damage insurance under PMFBY is funded by public money.

Kshema's goal is to swiftly settle every legitimate insurance claim while adhering to government guidelines. Providing false information during the insurance application process, such as planting a different crop than stated, mismatched land area, or obstructing survey or authorized personnel in their duties, can prevent eligible farmers from receiving benefits. As a result, visionary schemes like PMFBY may not reach those who need it the most.