Farmers to get crop insurance at 2% premium

Bhubaneswar: As part of the Pradhan Mantri Fasal Bima Yojana, farmers in Odisha will be able to avail crop insurance at a nominal premium of 2 per cent. According to sources, the rest of the premium burden will be shared by the State and the Central government.

For this purpose, the state government will rope in three private insurance companies. Moreover, the state government will set up six clusters for disbursement and settlement of insurance claims.

The insurance will cover the losses on account of natural disasters.

“The bids have been finalized. We have divided the State into six clusters and three insurance companies have been selected. We will now sign an agreement and finalise the modalities. Through this initiative, farmers will be able to get insurance cover for any loss suffered during cultivation as well as post harvest loss,” said Agriculture secretary Manoj Ahuja.