India : Farmers take agricultural insurance to safeguard their investments. There are many companies offering such services to farmers. Recently, it is revealed that these agricultural insurance not helping but cheating those poor farmers.
Through the crop insurance programme adopted by the Indian government called Pradhanmantri Fasal Bima Yojana, private insurance companies has looted about 20,785 crores. ICICI Lombard, HDFC Ergo, Bajaj alliance, Reliance general, Future General, Cholamandala MS, Universal Sompo general are the companies. Every year the Indian government allots millions for this insurance programme.
But the insurance programme intended to aid farmers and thereby encourage farming has actually benefitted these insurance companies.
The advantage of Fasal Bima Yojana is