October 7, 2022
YSR free crop insurance scheme

YSR free crop insurance scheme

YSR free crop insurance scheme is a new project for farmers who can help the government to increase food security and production in the country.

Many families in India struggle to put proteins on the table. Food safety is always a concern, but when there’s not enough money for staples like rice, it becomes quite difficult. The YSR free crop insurance scheme is an attempt to remedy this problem while giving farmers an incentive.

What is YSR free crop insurance scheme?

This scheme is a new project for farmers who can help the government to increase food security and production in the country. It is inspired by Prime Minister Narendra Modi’s vision to double farmers’ income and provide them financial support schemes.

President Pranab Mukharjee will launch the scheme, which will give premium subsidies of up to 50% for crop insurance coverage of up to INR (Indian Rupees) 50,000.

The YSR free crop insurance scheme was announced by Union Finance Minister Arun Jaitley in his 2015-2016 budget speech. It was named after former southern state Andhra Pradesh Chief Minister YS Rajasekhara Reddy due to his popularity among regional communities and his focus on rural development.

How does this scheme work? 

Farmers and agricultural workers who choose to take part in the YSR free crop insurance scheme will receive up to 25% subsidy on premiums for crop insurance. The government will also provide a 50% subsidy for coverage of up to INR 50,000. The insurance policy will be underwritten by Indian Insurance companies.

However, there are 2 conditions that have to be met by farmers if they want to get the full benefits of YSR free crop insurance scheme and one is that the insured farmer should operate land holdings with no less than 2 hectares or 5 acres of agricultural land.

How do I check my YSR free crop insurance?

Farmers who have an account in Aadhar bank can log in using their Aadhar card and other details. They can check the status of the premium that they paid as part of YSR free crop insurance scheme.

YSR free crop insurance scheme

What to do if you still have doubts and difficulties?

If farmers have any doubts, then they can contact the nearest bank or the respective insurance company, bank officials said that all the information will be available in banks, post offices and insurance company websites.

Benefits of YSR free crop insurance?

YSR free crop insurance scheme will provide better protection to farmers against crop failures and natural calamities. Which allows them to take out loans easily and expand their business without much risk. The scheme has been launched at a time when it is becoming difficult for farmers to get crop insurance in some states due to the implementation of the Goods and Service Tax (GST) regime. Many state governments have ask insurance companies not to offer crop insurance policies until the issue gets resolve. While some states did not stop providing crop insurance, they raised premiums on them in order to maintain their revenue from taxes on insurance.

Krishna Kumar Reddy, State President of National Farmers Organization and Chief Coordinator of YSR free crop insurance in AP said, “Today the farmers were in a trouble for the last two years due to GST.  Under this scheme, farmers can get up to 50% relief from premium charges. This is a very good and positive move for the farmers,” he added.

The YSR crop insurance scheme is applicable to only crops that are insure under Indian Agricultural Insurance Company (IAI). Not on crops insured under National Agricultural Insurance Company (NAIC). It will provide coverage to crops that are cover under IAI’s regional offices.

How to Apply for YSR crop insurance?

The insurance companies can enroll the farmers from March 1, 2018 for YSR free crop insurance scheme. The farmers will have to apply online and provide their Aadhaar number and the bank details.

The applicants will receive a premium receipt from the insurer, which will be a proof of the insurance. The receipt will also be sent to farmer’s bank account for adding premium amount as part of their loans.

What is YSR free crop insurance scheme’s eligibility?

An applicant must not own land less than 2 hectare or 5 acres, or operate on joint ventures. All landholdings have to be own by the same person only even if they are being operate by others. An individual applicant cannot represent more than 50% of the total landholdings. And cannot have more than 20 acres of total land holdings.

Where can one get YSR free crop insurance?

The YSR free crop insurance scheme will be available through banks and post offices. Banks have to admit the farmers in their insurance scheme but the farmer himself has to apply for it. Either by filling a form or by using their bank’s website.

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