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Andhra Pradesh Government Receives Nod to form Crop Insurance Firm from IRDA

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Andhra Pradesh government has received the IRDA nod to form Insurance companyOn September 1, 2020, the Government of Andhra Pradesh (AP) received the nod from Insurance Regulatory and Development Authority (IRDA) to form its Crop Insurance Firm Andhra Pradesh General Insurance Company (APGIC).

Andhra Pradesh is among the few states like Bihar, West Bengal that has chosen to have their own crop insurance schemes.

Key Points:

i.Andhra Pradesh General Insurance Company (APGIC) will run the state’s own YSR Free Crop Insurance Scheme.

ii.The authorised share capital of the company is Rs 101 Crores divided into 10.10 Crore equity shares of Rs 10 each. 

iii.To be eligible for the scheme, the farmers must register themselves on the e-Karshak app (real-time crop registration window).

iv.Department of Agriculture will be the nodal agency for the implementation of the Crop Insurance scheme.   

v.The Farmers need to enrol for the scheme by September 5, by paying a premium of Rupees 1


i.The state government will provide free crop insurance to all the farmers from 2019–2020 under YSR Crop Insurance Scheme.

ii.In June 2020, the state government released Rs 596.36 crore for crop insurance claims. 

iii.Around Six Lakh Farmers are expected to benefit from the scheme, the amount will be directly deposited in the bank accounts of the farmers.

Recent Related News:

i.AP ranked 1st in the country for the overall implementation of POSHAN (Prime Minister’s Overarching Scheme for Holistic Nourishment) Abhiyaan as per September 2019 progress report of NITI Aayog.

ii.Bharti AXA General Insurance has launched its crop insurance campaign, ‘Bohot Zaroori Hai’ for farmers in Maharashtra and Karnataka to encourage them about their yield protection and financial security.

About Andhra Pradesh:
Chief Minister – Y. S. Jaganmohan Reddy
Lakes – Kolleru Lake, Pulicat Lake