Farmers Insurance : There is good news for farmers. The Maharashtra government has made a significant move to support around 64 lakh farmers in the state. They will be receiving insurance compensation totaling Rs 2,555 crore directly into their bank accounts. Additionally, the government has authorized insurance companies to distribute Rs 2,852 crore as the outstanding state grant share. This step paves the way for farmers to finally receive the long-awaited insurance payments.
Thanks to this decision, the overdue insurance compensation from various past crop seasons will be credited directly to the farmers’ Aadhar-linked bank accounts. Insurance companies have been directed to expedite this process so that farmers can access their funds promptly.
Maharashtra Agriculture Minister Manikrao Kokate mentioned that the government has already allocated funds to the insurance companies, and the compensation will soon be transferred to the farmers’ accounts. This initiative is set to bring significant relief to the farming community.
A total of Rs 2,555 crore will be distributed among 64 lakh farmers in the state. This includes Rs 2.87 crore for Kharif 2022 and Rabi 2022-23, Rs 181 crore for Kharif 2023, Rs 63.14 crore for Rabi 2023-24, and Rs 2,308 crore for Kharif 2024.
Many farmers had applied for benefits under the crop insurance scheme, but due to funding shortages, insurance companies halted the issuance of premiums. This situation led to a severe financial crisis for the farmers, especially after their crops suffered from natural disasters in 2023-24. The drought during the Kharif season and hailstorms took a heavy toll on their livelihoods. Now, with the pending insurance payments on the way, farmers can expect some much-needed financial relief.