The working group on risk management in
(iv)IFFCO -Tokio General Insurance Company
Download 0.68 Mb. View original pdf
|
| (iv)IFFCO -Tokio General Insurance Company Barish Bima Yojana (Coverage and claims experience of weather insurance pilots) The product was launched in Kharif 2004 in 9 districts of 4 states-Gujarat, Maharashtra, Andhra Pradesh and Karnataka on a pilot basis. Availability of rainfall data and rainfed regions were and are, the factors in identifying these districts. Considering the response in Kharif 2004, the Yojna was extended to 100 districts across 7 states for Kharif 2005. In Kharif 2006, another 25 districts were added, making a total of 125 districts in the following states - Gujarat, Maharashtra, Andhra Pradesh, Karnataka, Madhya Pradesh, Chhattisgarh, Tamil Nadu, Punjab, Haryana and Rajasthan. The Claims under this Policy are settled within 3 months of expiry of the policy. This Policy is not linked to the declaration or non- declaration of drought, by any official agency. The actual yield of crops is not measured, as the insurable event is rainfall deficiency, and not the actual shortfall in the crop yield. Barish Bima Yojana is an index based Insurance product, which provides protection to farmers against deficiency in rainfall. The policy covers shortfall of rainfall based on the variation between the Total Weighted Actual Rainfall (total of specified 4 months of Kharif season – June to Sep. or July to Oct) and Total Weighted Normal Rainfall (total of specified months of Kharif season – June to Sep. or July to Oct, of a specified reference weather stations based on rainfall data provided by IMD/ centers recognized by IMD. At present the policy is for the Kharif season, and covers practically every crop prevalent in the (Kharif) season. These include food grains like Paddy, Bajra, Jowar Maize, Pulses, Groundnut, Sesame, Soya bean, sunflower and other oilseeds. Download 0.68 Mb. Share with your friends:
|