Tuesday, May 19, 2020

Future Generali India Insurance settles INR 276 crores PMFBY claims in 19 districts during the lockdown

- The claim amount benefits 1,64,917 loanee farmers and 85,460 non-loanee farmers

Mumbai, May 19, 2020: Future Generali India Insurance Company Limited (FGII), the general insurance arm of the joint venture between retail game-changers Future Group and global insurer Generali, has settled INR 276 crores of Pradhan Mantri Fasal Bima Yojana (PMFBY) claims during the lockdown period.

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). The claim amount has benefitted 1,64,917 loanee farmers & 85,460 non-loanee farmers in 19 districts of these 3 states. Out of which, 38,928 female farmers received claims amounting to Rs. 44.32 cr via Direct Beneficiary Transfer.

Mr. 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 benefitted more than 2.5 lakh farmers so far”

Pradhan Mantri Fasal Bima Yojana (PMFBY) offers start to end insurance cover against losses of crops during the entire cycle from preparation of sowing to harvesting and post-harvest due to poor yield.

PMFBY Claims Paid in Lockdown Period
State/Season
Benefited Farmers
Paid Claim Amount ( Rs. Cr)
Karnataka
79525
92.11
Rajasthan
142255
159.62
Maharashtra
28597
23.96
Grand Total
250377
275.69

StateDistricts where the claim is paid
Karnataka
Belagavi, Chamrajnagar, Bagalkote, Raichur, Ramnagar, Tumkur & Yadgir
Rajasthan
Ajmer, Kota, Sawai Madhopur, Jaipur, Pali, Pratapgargh
Maharashtra
Ahmednagar, Buldana, Nanded, Satara, Yavatmal

Summary of PMFBY Claims Paid in Lockdown
Total Claim Paid during Lockdown
275.69 crores
Number of Benefited farmers
250377
Loanee Farmer
164917
Non loanee Farmer
85460
Female Benefited Farmer Count
38928
Male Benefited Farmer Count
211116
Others Benefited Farmer Count
333

About Future Generali India Insurance Company Limited

Future Generali India Insurance Company Limited is a joint venture between Future Group – the game changers in Retail Trade in India and Generali – a 189 years old global insurance group featuring among the world’s 60 largest companies*. The Company was incorporated in September 2007 with the objective of providing retail, commercial, personal and rural insurance solutions to individuals and corporates to help them manage and mitigate risks.

Future Generali India has been aptly benefitting from the global Insurance expertise in diverse classes of products of Generali Group and the Indian retail game-changer Future Group. Having firmly established its credentials in this segment and effectively leveraging on the skill set of both its JV partners, Future Generali India has evolved to become a Total Insurance Solutions Company.

*As per Fortune Global 500 Ranking (2017)
*Future Generali India Insurance is certified ‘Great Place to Work’ (December 2019- November 2020)

About Generali Group

Generali is an independent, Italian insurance Group, with a strong international presence. Established in 1831, it is one of the largest global insurance providers present in over 60 countries with total premium income exceeding €68 billion in 2017. With nearly 71,000 employees in the world and 57 million customers, the Group has a leading position in Western Europe and an increasingly significant presence in Central and Eastern Europe as well as in Asia.

2 comments:

Shaivi said...

Hi, came to your blog after ages today and so glad to see you still so active with the posts. These are tough times and corporates taking measures to stand with people will go a long way. Hope all good with you. Take care.

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