To reduce the financial loss resulting from the incidence of adverse weather conditions, the Department of Agriculture plans to bring a total of 19,584 farmers under crop insurance cover during the rabi season ending March.
The insurance cover would be extended under the Weather Based Crops Insurance Scheme, a pilot project jointly mooted by the Central and State Governments.
The designated implementing agency of the insurance scheme would be IFFCO-TOKIO General Insurance Company Limited.
“The farmers engaged in paddy, millets, pulses and oilseeds will be selected as beneficiaries,” Joint Director of Agriculture Siva Muthusamy told The Hindu.
An attraction of the scheme, according to him, is that both loanee and non-loanee farmers are entitled to get the coverage.
While the insurance cover would be a mandatory for the loanee farmers, who are to obtain crop loans from either commercial banks or Primary Agriculture Credit Cooperative Societies during the rabi season, it would be optional for the non-loanee farmers.
He said that 50 per cent of the premium would be subsidised by the government making the features more attractive.
IFFCO-TOKIO Area manager R. Muralirajan said that insurance coverage would be extended to paddy farmers at the rate of Rs.10,000 per acre with the farmer's share of premium, after the government subsidy, pegged at Rs. 221.
Likewise, the sum insured for millet crop would be at the rate of Rs. 5,000 per acre (premium at Rs.110) and for maize (irrigated condition) at Rs.10,000 per acre (premium at Rs. 221), maize (rainfed condition) at Rs. 6,000 per acre (premium at Rs.132) and pulses at Rs. 5,000 per acre (premium at Rs.110).
Under oilseeds category, the sunflower and gingelli crops would be insured at Rs. 6,000 per acre (premium fixed at Rs.132) and groundnut at Rs.10,000 (premium at Rs. 221).
Both loanee and non-loanee farmers are entitled to get the coverage