Agri Insurance Company of India has Sanctioned Rs.887.49 Crore
Chennai: For the Rabi 2016-17 season to the drought affected farmers, Agriculture Insurance Company of India has sanctioned Rs.887.49 crore crop insurance. The first instalment for ‘Cluster – I’ districts covers farmers in 10 districts affected during the ‘Samba’ cropping season.
This includes Rs.355 crore for farmers in Ramanathapuram district; Rs.489 crore for Thiruvarur district farmers; Rs.20 crore for Tiruchi district; and Rs.24 crore for farmers in Ariyalur, Dindigul, Erode, Kanyakumari, Karur, Madurai, Namakkal and Perambalur districts, said an official release.
Within the next 10 days, the compensation will be paid directly into the farmers’ bank accounts. So far, Rs.928.12 crore have received by 2.92 lakh farmers in 16 districts. the release said that the state government is following up with insurance companies to expedite balance payments.
The state was drought affected, following the failure of the southwest monsoons last year. In the Tamil Nadu state 31 districts, 15.27 lakh farmers who had cultivated over an estimated 31.85 lakh acres were covered under the Pradhan Mantri Fasal Bima Yojana scheme.
The release said that, Agriculture Insurance Company, New India Assurance General Insurance and ICICI Lombard General Insurance had participated in covering the crops.