Experience the power of Artificial Intelligence (A.I)
Chat with our super-intelligent A.I model and ask it anything about insurance and related products.
Agriculture is the main profession of many people in various parts of the country. Therefore, Crop Insurance in India is given a lot of importance. In India, there are various companies offering crop insurance and various schemes initiated by the government. Let’s know about them in a little detail.
Various General Insurance companies offer Crop Insurance in India, namely:
Agriculture is a major profession In India and one of the highest sources of income for the country. Therefore, to ensure that people do opt. for farming, the government runs various schemes in order to encourage people and provide coverage. Presently 4 schemes are being run by the government. Here is a description and list of Crop Insurance Schemes in India:
It is a government-sponsored scheme and was implemented in the rabi season of 1999-2000. Its main objective is to provide financial support to the farmers in case the crops get harmed due to natural calamities, pests, and diseases. The implementing agency for the scheme is the Agriculture Insurance Company of India. The scheme is available to farmers irrespective of their size of holding. Both loanee and non-loanee farmers can avail the scheme. The scheme provides coverage for all food crops, oilseeds, commercial or horticulture crops.
To make the existing scheme of NAIS better, a committee was constituted by the government of India. On the recommendations of that committee, changes and additions were made to the scheme. To list a few:
There were various other changes also made for the betterment of farmers and the agriculture industry as a whole.
WBCIS was launched with the objective to promote more farmers to take up crop insurance. It provides protection against weather conditions such as deficit and excess rainfall, temperature extremes, humidity, etc that would harm the crop adversely. It offers the advantage to settle claims at the earliest and in the shortest period as compared to the others.
Implemented by the AIC this scheme is made available to farmers in selected states. It provides protection to the coconut plantations. Under this scheme, 50% of the premium is paid by the GOI, 25% by the state government, and the remaining by the farmers. The sum insured in this case is calculated on the basis of the input amount and age of palms.
The importance of crop insurance in India cannot be overlooked it not only provides financial aid but also helps the farmers to maintain credit flow and adopt progressive technologies for better yields.