INLD Leader Sampat Singh Condemns PMFBY Implementation, Highlights Profit Disparity
Indian National Lok Dal (INLD) national patron and former Haryana finance minister Sampat Singh has launched a scathing critique of the Pradhan Mantri Fasal Bima Yojana (PMFBY), accusing both government and private insurance entities of reaping substantial financial gains while farmers endure persistent crop losses and insufficient compensation. Addressing public gatherings across multiple villages in the Nalwa assembly constituency within Hisar district, Singh presented detailed figures to underscore his allegations of systemic imbalance favoring insurers over agricultural stakeholders.
Revealing Haryana's Insurance Premium and Claim Discrepancy
Sampat Singh disclosed that insurance companies operating in Haryana amassed premiums totaling Rs 2,827.02 crore between the years 2023 and 2025. In stark contrast, these same insurers disbursed a mere Rs 731 crore to farmers as compensation for crop damage during this period. Singh emphatically stated that private insurers are "profiting heavily" from the PMFBY scheme, effectively leveraging public funds and farmer premiums to bolster their financial bottom lines at the direct expense of those the program is designed to protect.
Examining the Alarming Financial Year 2025 Data
Citing authoritative official data, Singh highlighted that in the financial year 2025 alone, insurance companies collected premiums worth Rs 1,003.68 crore within Haryana. However, claims paid to farmers amounted to only Rs 95 crore, resulting in a staggering surplus of Rs 908.68 crore retained by the insurers. This immense disparity raises serious questions about the equitable distribution of resources under the crop insurance scheme.
National Level Disparities and Three-Year Profit Analysis
Referencing statistics from the Union Ministry of Agriculture and Farmers Welfare, Singh asserted that private insurance companies have accumulated profits approximating Rs 2,096 crore in Haryana over the past three years. He further emphasized that the imbalance is even more pronounced on a national scale. Between 2023 and 2025, insurance companies nationwide collected premiums totaling Rs 82,015.52 crore under the PMFBY, while farmers received claims worth only Rs 34,799 crore. This indicates a vast gap where a significant portion of funds intended for farmer welfare remains unallocated as compensation.
Proposing a Transparent Solution for Farmer Benefit
In response to these findings, Sampat Singh advocated for a fundamental restructuring of the surplus management within the PMFBY framework. He proposed that any surplus generated by government insurance companies under the scheme should be systematically returned to farmers through a transparent and accountable mechanism. This approach aims to ensure that the primary beneficiaries of the crop insurance program are the farmers themselves, rather than corporate entities. Singh's critique underscores ongoing concerns about the effectiveness and fairness of agricultural support policies in India.
