Future Generali settles crop insurance claims worth Rs 276 cr under PMFBY

Future Generali India Insurance on Tuesday said it has settled claims worth Rs 276 crore under Pradhan Mantri Fasal Bima Yojana (PMFBY) in the last two months.

PMFBY offers insurance cover against losses of crops during the entire cycle from preparation of sowing to harvesting and post-harvest, due to poor yield.

The company paid PMFBY claims in various districts of Karnataka, Rajasthan and Maharashtra, a release said.

The claim amount has benefitted 1,64,917 loanee farmers and 85,460 non-loanee farmers in 19 districts of these three states.

Out of this, 38,928 female farmers received claims amounting to Rs 44.32 crore via direct beneficiary transfer, the release said.

Shortage of labour force and breakdown in supply chains have left many farmers struggling to sell their crops. In these testing times, we fast-tracked our settlement process which benefitted more than 2.5 lakh farmers so far, company's managing director and CEO Anup Rau said.

Future Generali India Insurance is a joint venture between Future Group and Generali, a global insurance group.