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Agri Insurance or Agri risk insured as Pradhanmantri Fasal Bima Yojana

Agri Insurance or Agri risk insured as Pradhanmantri Fasal Bima Yojana

In : Business By storytimes About :-2 years ago

Agri Insurance in India a brief account of Agricultural Insurance.

#Pradhan Mantri Fasal Bima Yojana 

  1. National Crop Insurance Programme (NCIP) / Rashtriya Fasal Bima Karyakram (RFBK)
  2. Insurance Products from Agriculture Insurance Company of India Limited (AIC)

Agriculture Insurance

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The new Crop Insurance Scheme is in a row with One Nation – One Scheme theme.

Agri Insurance: Objectives of the PMFBY

As an aid to grant insurance cover and financial bear to the farmers in the event of stoppage of any of the notified crop as a consequence of natural calamities, pests & diseases.

As an aid to ensure farmers continuance in farming.

As an aid to support farmers adopting innovative and contemporary agricultural practices.

 An aid to control Flow of credit to the agriculture sector.

Agri Insurance- Highlights

Agriculture Insurance

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There will be a usual premium of only 2% to be compensated by farmers for all Kharif crops and 1.5% for all Rabi crops. In case of yearly commercial and horticultural crops, the premium to be paid by farmers will be only 5%.

To get and upload data of crop cutting to lessen the delays in claim payment to farmers using Smartphones. Remote sensing will be used to decrease the number of crop cutting experiments.

PMFBY is an alternate scheme of NAIS / MNAIS, there will be exclusion from Service Tax liability of all the services concerned in the implementation of the scheme.

 Agri Insurance: Farmers to be covered

Agriculture Insurance

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Those farmers who are rising notified crops in a notified area all through the season who have an insurable interest in the crop are qualified.

Obligatory Cover: The enrolled farmer under the plan, focus on ownership of insurable concern on the farming of the notified crop in the notified area, shall be obligatory for following categories of farmers:

The notified area resident farmers who possess a Crop Loan account/KCC account (called as Loanee Farmers) to whom credit limit is sanctioned/renewed for the notified crop throughout the crop season. And

Those other farmers whom the Government may choose to comprise from time to time.

Here is the list of the Private Insurance companies operating in India. 

Following are the list of General Insurance Companies which offer Crop Insurance Schemes:

  • Tata AIG General Insurance Co. Ltd.
  • Reliance General Insurance Co. Ltd.
  • Cholamandalam MS General Insurance Co. Ltd.
  • Agriculture Insurance Company of India Ltd
  • IFFCO-Tokio General Insurance Co. Ltd
  • HDFC ERGO General Insurance Co. Ltd.
  • ICICI Lombard General Insurance Co. Ltd
  • Future Generali India Insurance Company Limited
  • Bajaj Allianz General Insurance Co. Ltd
  • Universal Sompo General Insurance Company Limited
  • SBI

 

Agri Insurance or Agri risk insured as Pradhanmantri Fasal Bima Yojana