government insurance loss

Insurance companies of Rajasthan / crores of rupees lost their premium, claims stuck

Published

3 years ago

February 11, 2020

TNI

Farmers taking loans from cooperative banks get 10 lakh accident insurance

Now the government will run on the advice of the consultant to settle the case of claim settlement

Jaipur. Insurance companies lost crores of rupees in the name of accident insurance. When the turn came to pay the claim, the companies overcame. Accident insurance of Rs 10 lakh is provided for the farmers taking loans from cooperative banks. Its premium is adjusted from the loan amount of the farmers. But from the time of claim settlement, insurance companies start coming and going.

The farmer feels cheated. Insurance claims of more than 5 thousand farmers have been pending with insurance companies for years. This includes insurance companies ranging from the government sector to the private sector. Inder Singh, MD of Apex Bank, said that due to the open tender, small insurance companies are ready to insure at a lower rate, but when it comes to settling the insurance claim, these companies do not work.

In the previous BJP government, Shri Ram Insurance was given the responsibility of insuring the accident of farmers. The company was paid a premium of Rs 29 crore. But the insurance claim was several times more than the premium amount. Now the company is deferring the claim settlement. So far, the company has settled only 115 claims worth Rs 11 crore against 575 claims.

Inder Singh said that there are about 700 more claims in the pipeline. The company has to pay a claim of around Rs 100 crore. After the company has not done any damage, now the investigation of the case has been set up by the Cooperative Department.