TRS president and Telangana Chief Minister K.Chandrashekar Rao’s argument on TRS government opting out of Pradhan Mantri Fasal Bima Yojana (PMFBY), a crop insurance scheme for farmers, is inviting the wrath of not just farmers but across all sections of society.
KCR stated in Legislative Assembly that Telangana opted out of PMFBY because the insurance companies are getting benefitted due to payment of premium from farmers, state government and Centre but farmers are getting lower amount in return while settling claims during crop loss on account of heavy rains or floods.
This argument of KCR, who considers himself as one of the most learned persons on this earth, surprised all.
People question KCR to tell whether insurance an investment in business or anything to get good returns.
People take insurance coverage for life, health, vehicles, properties etc to protect themselves from losses in case of any unforeseen damages or accidents.
People pay a huge premium for health insurance every year and KCR should tell whether people should stop health insurance because they lost their premium amount and insurance company benefitted because they did not face any health issues or did not get admitted in hospitals or did not get any claims from insurance company for that year.
Similarly, crop insurance benefits farmers if they lose crops due to rains and flash floods. That doesn’t mean that crop insurance should be stopped because there were no floods in a particular year even after payment of insurance premium.
