Farm insurance scheme is under the scheme of agriculture Insurance Corporation including 15 other insurance companies. The scheme was actually launched in 2016 for Kharif crops only. The scheme also helps in every household. The crops are classified into two parts such as rabi crops and Kharif crops. Both the crops have come under the fiscal on the budget 2018-2019. As per the report of the budget 2018-2019, there are over 50 million farmers have been already registered under the scheme in March 2017.
As an example, the farm insurance plan of government of India has already covered the third of the agricultural households in Mumbai. The program will be spread to cover the Lok Sabha election 2019. Therefore, the official data of the program is launched for the development of farms. However, the program covers about 23 million farmers that are defined as the largest insurer. There are over 9 million farmers had claimed in the previous year. The industry claims to pay out Rs. 6573 crore as well. According to the program, the farmers will get an extra advantage to develop the crops in Indian irrigation system. Therefore, the farm insurance scheme is likely to cover the third of its households.
