contract for the District for implementing the crop insurance scheme as L1 District-crop combination rates and so on to L3, L4 bidder as per the consent of insurance company. All farmers (loanee or non-loanee) enrolled under Premium rate and subsidy: PMFBY will have to pay maximum premium 2% of the sum insured for Kharif crops, 1.5% for Rabi Crops or actuarial premium rate, whichever is lower, for food crops (all Cereals & Pulses), oil seeds and maximum 5% of sum insured or actuarial premium rate, whichever is lower, for annual commercial/annual horticulture crops. The difference between the actuarial premium rate and farmer share would be equally borne by the State Government and Central Government in the ratio of 50:50. Based on the fair estimates of coverage, State Government will ensure to make an advance payment of 50% of subsidy liability to insurance companies and will settle the balance subsidy payment on submission of final figures by insurance companies. liability: Insurers shall be responsible to settle all the admissible claims which would arise due to the conditions/eventualities as detailed in Para XI.10, XII to XVI of operational guidelines of PMFBY. Insurers shall be responsible for payment of claims up to the ceiling as stated in Para VIII.4 of Operational guidelines of PMFBY. Services Charges: Bank and other financial institutions etc. shall be paid service charges @ 4% of the premium collected from farmers. Rural agents engaged in providing insurance related services to farmers may be paid appropriate commission as decided by the insurance company, subject to cap prescribed under IRDAI regulations. Banks may submit their Invoice in the format prescribed as Annexure-III. of Crops and Area: The scheme will operate on the principle of "Area Approach" in the defined areas called Insurance Unit (IU). The scheme in the state will operate on block level covering village/villages, panchayat/ panchayats of a particular block for notified crops. (List of notified crops along with notified village/villages, panchayat/panchayats is attached at Annexure-IV). Automatic Weather Stations (AWS): For the purpose of assessment of on account payment of claims and claims for prevented sowing/planting risk, list of weather stations will be notified in the State’s Notification and shall be installed by the Insurance
contract for the District for implementing the crop insurance scheme as L1 District-crop combination rates and so on to L3, L4 bidder as per the consent of insurance company. Premium rate and subsidy: All farmers (loanee or non-loanee) enrolled under PMFBY will have to pay maximum premium 2% of the sum insured for Kharif crops, 1.5% for Rabi Crops or actuarial premium rate, whichever is lower, for food crops (all Cereals & Pulses), oil seeds and maximum 5% of sum insured or actuarial premium rate, whichever is lower, for annual commercial/annual horticulture crops. The difference between the actuarial premium rate and farmer share would be equally borne by the State Government and Central Government in the ratio of 50:50. Based on the fair estimates of coverage, State Government will ensure to make an advance payment of 50% of subsidy liability to insurance companies and will settle the balance subsidy payment on submission of final figures by insurance companies. liability: Insurers shall be responsible to settle all the admissible claims which would arise due to the conditions/eventualities as detailed in Para XI.10, XII to XVI of operational guidelines of PMFBY. Insurers shall be responsible for payment of claims up to the ceiling as stated in Para VIII.4 of Operational guidelines of PMFBY. Services Charges: Bank and other financial institutions etc. shall be paid service charges @ 4% of the premium collected from farmers. Rural agents engaged in providing insurance related services to farmers may be paid appropriate commission as decided by the insurance company, subject to cap prescribed under IRDAI regulations. Banks may submit their Invoice in the format prescribed as Annexure-III. of Crops and Area: The scheme will operate on the principle of "Area Approach" in the defined areas called Insurance Unit (IU). The scheme in the state will operate on block level covering village/villages, panchayat/ panchayats of a particular block for notified crops. (List of notified crops along with notified village/villages, panchayat/panchayats is attached at Annexure-IV). Automatic Weather Stations (AWS): For the purpose of assessment of on account payment of claims and claims for prevented sowing/planting risk, list of weather stations will be notified in the State’s Notification and shall be installed by the Insurance
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