IFFCO TOKIO General Insurance Co. Ltd. (ITGI) distributed claim cheques of Barish Bima Yojna (BBY), a unique weather insurance policy, to 262 beneficiary farmers in Rajasthan’s Chomu tehsil this weekend. The company settled claims worth approximately Rs.19, 18,750.
BBY is an index based weather insurance product for Kharif crops that caters to the needs of the farmers as well as the state cooperatives. It provides cover for anticipated deficiency in the crop yield due to deficient rainfall during the monsoon months. At the end of the policy period actual rainfall is compared to the normal rainfall and the graded claim payout is made as per Claim Payout Table. BBY is mostly sold as a group policy through cooperative societies and cooperative banks though individual farmers can also buy it.
“IFFCO TOKIO’s weather insurance product has been successful across 14 States and 200 districts in India. The product has been designed to meet the unique needs of farmers. Owing to its features the product is getting widely popular amongst the farming community,” said N. K .Kedia, Director Marketing, IFFCO TOKIO General Insurance Co. Ltd. on the occasion.
Barish Bima Yojna, introduced first in April 2004 has its presence now in Punjab, Rajasthan, Haryana, Uttarakhand, Uttar Pradesh, Madhya Pradesh, Chhattisgarh, West Bengal, Orissa, Andhra Pradesh, Karnataka, Tamil Nadu, Gujarat, and Maharashtra. It has so far insured 2.67 lakh farmers and has also paid claims to 45,200 farmers.
IFFCO TOKIO General Insurance, a joint venture of Indian Farmers Fertiliser Cooperative and The Tokio Marine and Nichido Fire, Japan, has been in farm insurance business since 2001.