The government’s farm insurance scheme is in for a revamp just about one year after launch, with the focus now on increasing competition among insurers, lowering the average premium and widening the scope of cover to include losses due to natural disasters.
There is tremendous potential to improve the Pradhan Mantri Fasal Bima Yojana started last year and a high-level team has asked to make it more holistic in coverage and a win-win proposition for all parties, a senior government official working closely on revamping the scheme told ET.
