Reliance General Insurance, in the third week of August 2013 entered
into the agriculture area by launching the weather- and yield-based crop
insurance schemes in five different states of India. These schemes will
focus on the farmers in the five states- Uttarakhand, Haryana, Assam,
Bihar and Uttar Pradesh.
Reliance General Insurance planned to
include around one lakh farmers in 10 India states by 2013-14 fiscal
year end. The company has been empanelled by the Union Government of
India in order to implement the Weather-Based Crop Insurance (WBCI)
scheme in 21 states of India. The company also received the
authorisation from the National Agricultural Insurance Scheme (NAIS) for
offering yield-based crop protection to farmers in 50 identified
districts of India.
The scheme of yield-based crop insurance
will include losses due to natural calamities, post-harvest as well as
pre-sowing, diseases and pests. The weather-related risks will include
excess rainfall or shortage of rainfall, variations in temperature as
well as fluctuations in humidity. For the kharif crops, the rainfall
parameter will be included. Similarly, for the rabi crops, rainfall,
temperature humidity as well as combination of other parameters will be
included.
It is important to note that domestic agriculture
insurance premium market costs around 5000 crore Rupees. Weather
insurance schemes will help in immediate compensation on the basis of
objective data which will be sourced by the Indian Meteorological
department. This insurance scheme will also help the farmers in
providing flexibility for taking up the insurance for particular
critical stage of the growth of crops or for overall crop cycle.
There
is also the Modified National Agricultural Insurance Scheme which
provides insurance to the farmers from the yield-based risks along with
other risks during the crop cycle. The Union Government as well as the
State Government subsidise the premiums which are paid by the farmers,
while the insurer bears the claims.
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