The working group on risk management in
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- Wheat Insurance Policy
- Mango Insurance
| Coffee insurance was launched in the Hassan, Chikmagalur and Coorg districts, of Karnataka. The policy compensates the insured against the likelihood of diminished coffee output yield, resulting from shortfall in actual rainfall index, within a specific geographical location and specified time period and yield losses, due to other non preventable natural losses. Maximum sum insured per hectare for the Robusta and Arabica varieties, is Rs and Rs. 35,000 respectively, and insurance is available from st March to 30 th June. Agricultural Insurance Company of India, designed the Wheat Insurance Policy based on vigour and temperature. It has beeen launched in Haryana (Karnal, Rohtak, Ambala) and Punjab (Kapurthala, Ferozpur, Bhatinda). It is a unique technology based insurance product, which combines crop vigour / biomass as measured using satellite imagery, during the month of February, and weather (Temperature) parameters, during the stand or 2 nd fortnight of March. It provides effective risk cover to those wheat farmers who are likely to be impacted by poor growth of the crop(as measured in terms of Normalized Difference Vegetative Index-NDVI), arising out of non preventable natural factors incidences and loss in wheat production yield resulting from higher temperature. The maximum payout is Rs. 5,000/- each, under biomass cover and temperature cover. Premium rates are flexible, ranging from- 6 %, for various districts. Claims are automated and are settled on the basis of current 58 NDVI and Maximum temperature of the specified period. Insurance is available till 31 st December of the year. Mango Insurance has been designed by Agricultural Insurance Company of India (AIC) fora few districts of AP (Chittor, Krishna, Maharashtra (Ratnagiri, Sindhudurg, Raigad) and Uttar Pradesh. This unique product is unique, provides as many as 4 weather parameters (excess rainfall, wind speed, temperature below 16 o C and frost, as triggers for deciding indemnity, for the first time in India. The premium chargeable depends on the coverage options ranges from 5-8 It operates during the months of December/January to May June. The insurance is available till 14 th Jan. in AP and Maharashtra, and st Jan. in Uttar Pradesh. Concerns: 1. The existing network of weather stations of the India Meteorological Department (IMD), is grossly inadequate. There is along delay of one to two months in receiving the weather from India Meteorological Department (IMD), even for the current season. In order to effectively use weather insurance as an important risk mitigation tool, the density of weather stations has to be increased while streamlining and automating the network. Premium rates are high and largely unaffordable, to farmers. The government would need to support the product on the same lines as traditional crop insurance. The product needs to be exempted from Service Tax, as it’s primarily meant for resource poor farmers. Download 0.68 Mb. Share with your friends:
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