InvestorQ : How are the general insurance businesses like Crop insurance, health and others likely to get affected by the lockdown?
Mahima Roy made post

How are the general insurance businesses like Crop insurance, health and others likely to get affected by the lockdown?

Answer
user profile image
Aditi Sharma answered.
5 months ago


The government has actually pushed the crop insurance claims payment on a priority basis in the midst of the lockdown period. Crop insurance claims worth Rs.2424 crore have been disbursed to farmers across 12 states during the lockdown period. This is likely to facilitate farmers and farming activities at field level during the lockdown period. This disbursal was done under the Pradhan Mantri Fasal Bima Yojana (PMFBY).

At the same time, the government on April 16 extended the deadline for renewal for health and motor insurance policies to May 15 in view of the extension of lockdown to May 03. A finance ministry notification has clarified that the extension is applicable for policyholders whose health and motor (third party) insurance policies were due for renewal between March 25 and May 3. The move aims to give policyholders some relief during the nationwide lockdown to contain the spread of COVID-19.