Future Generali Announced Rs 275.69 Cr PMFBY Claim Settlement During Lockdown

During her financial package announcements the Finance Minister had claimed a high amount of loan settlement under Pradhan Mantri Fasal Bima Yojana (PMFBY) in lockdown. Now Future Generali India Insurance Company (FGII), the general insurance arm of the joint venture between retail giant Future Group and global insurer Generali, has said that it has settled claims amounting to Rs 276 crore for PMFBY during the lockdown period benefiting 1.64 lakh Loanee farmers and 85,460 non-Loanee farmers.

Anup Rau, MD & CEO, Future Generali India Insurance Company said, “Shortage of labour force and breakdown in supply chains has left many farmers struggling to sell their crops. In these testing times, we at Future Generali India Insurance fast-tracked our settlement process which benefited more than 2.5 lakh farmers so far”.  

The recent announcement by the group covers detail of majorly, Maharashtra, Karnataka and Rajasthan farmers. The company has paid PMFBY claims in districts of Karnataka (Belagavi, Chamrajnagar, Bagalkote, Raichur, Ramnagar, Tumkur, Yadgir), Rajasthan (Ajmer, Kota, Sawai Madhopur, Jaipur, Pali, Pratapgargh) and Maharashtra (Ahmednagar, Buldana, Nanded, Satara, Yavatmal).Out of the entire number there are 38,928 female farmers who had received claims amounting to Rs. 44.32 cr via Direct Beneficiary Transfer (DBT).

The breakup of claims paid and number of beneficiaries:

Source: company reports

Prabodh Krishna

BW Reporters The author is correspondent with BW Businessworld