The Rubber Plantation Insurance Scheme for mature holdings, jointly implemented by the Rubber Board and National Insurance Company, has been modified.
According to a release, the modifications are applicable to mature plantings in the age group of eight to 40 years. Planted areas up to five hectares in traditional areas and 20 hectares in non-traditional areas are eligible for the scheme.
The sum insured has also been raised to Rs.2,50,000 a hectare, in case of complete loss of the plantation. The rate of premium, including service tax, is Rs.2,206 for three years.
In case of partial damage, the amount of compensation per tree in the age group of 8 to 11, 12 to 15 and 16 to 22 years are Rs.800, Rs.840 and Rs. 900 respectively. For trees under low-frequency tapping in the age group of 23 to 40 years, the amount of compensation is Rs.900.
For consideration of settlement of the claim, the maximum number of trees a hectare has been set at 450. The proposal for insurance coverage of plantations under low-frequency tapping will depend on the recommendation of inspecting officers from the Rubber Production Department of the board.
In addition to damage from fire, wind, flood and landslip, those owing to attack by wild animals is also included in the modified coverage.
The scheme for plantations in the age group of one to eight years, with a compensation up to Rs.1,00,000 for a premium of Rs.938 for a period of eight years continues to be in operation. More details can be obtained from the regional offices of the board.
