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Tuesday 22 October 2013

Agri Insurance


Risk
Agriculture is the back-bone of Indian economy and agricultural workers make up more than two third of the total workforce of the country. Almost the entire workforce engaged in agriculture, forestry, fishery and plantation is unorganized. Crop production in India is dependent largely on the weather. In addition the farmers face other production risks as well as marketing risks making Indian agricultural a risky enterprise.
Solution
Crop insurance is a means of protecting farmers against  the variations in yield resulting from uncertainty of practically all natural factors beyond their control such as rainfall (drought or excess rainfall), flood, hails, other weather variables apart from fire, pests and diseases, accidents, etc.
Cover
A number of crop insurance products are available to farmers in different geographical areas and for different purposes.
These include:
  • National Agricultural Insurance Scheme
  • Weather Based Crop Insurance Scheme
  • Wheat Insurance
  • Rabi Weather Insurance
  • Cattle / Livestock Insurance
Policy indemnifies against loss sustained due to loss of life of cattle / livestock.
  • Sheep and Goat Insurance
Policy indemnifies against loss sustained due to loss of life of Sheep or Goat.
  • Elephant Insurance
Policy provides indemnity to insured for the loss sustained by him due to death of his elephant used for commercial/religious purpose. Policy does not provide cover to circus elephants.
  • Dog Insurance
Policy covers death of pet dogs of Cross-bred and exotic breeds between the age group of 2 months to 8 years.
  • Brackish Water Prawn Insurance
Policy covers Total loss of prawns, Nursed seeds in hatcheries owned by state Government, FFDAS, State Fisheries Corporation, MPEDA or such other organisations.
  • Silkworm ( Sericulture) Insurance
Policy covers total or partial loss due to death of silk worms of different variety due to disease or accident.
  • Janata Personal Accident Insurance
Policy Covers individuals in the age group of 10-70 years against death or total / partial disablement.
  • Horticulture/Plantation Insurance
Policy covers Loss or Damage to the Insured tree / plant due to fire / lightning / storm / hailstorm / cyclone / tempest.
  • Kisan Agriculture Pumpset Insurance
Policy covers pump sets used for agricultural purposes against Electrical/Mechanical Breakdown, Fire /Lighting, Theft and Burglary, Riot/Strike/Malicious damage etc.

2 comments:

Anonymous said...

Wonderful article. I am gonna subscribe it. Awaiting your next post. Thanks!

Pumpsets said...

Interesting one!!

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