It has been felt that a generalized crop insurance scheme, across India is not giving desired results, as we r capping rain fed areas, irrigated areas & areas with varied climatic conditions under “1 scheme”, hence AltSarkar is moving towards State Centric crop insurance schemes. AltSarkar to form an Agri Insurance Company, take Pvt Insurance Co’s out of crop insurance, allowing States to form their own guidelines, formulate a mech with States, wherein D.C will be the point man w.r.t crop loss claim payments, ensure crop loss payments within 3 months. Pvt Insurance Co’s do not incur any cost for 70 lakh “Crop Cutting” Experiments, each costing Rs 5000, deduction of premiums r done by banks, again Insurance Co’s do not pay a dime. Insurance Co’s profit were 8478 crore (2016-18), which could b used for farmers welfare. AltSarkar is not expecting to incur any considerable investment vis a vis this decision. Only, in the case wherein, approved crop loss claims exceed d collected premium for that season, will the Center intervene & bridge d shortfall. Though, this hasn’t happened in recent years.
