by aditya abhishek
Farming is a business of high risk. Many external factors can result in crop failure hence crop insurance helps in securing income & stability of the farmer.
In the year 1985, when the 7th five year plant was introduced then All-Risk Comprehensive Crop Insurance Scheme (CCIS) was launched to cover crop insurance.
Damage of farmer's property, damage from natural disaster, personal accident, loss of pump sets, or tractor are covered under crop or agriculture insurance
1. State Bank Of India 2. IFFCO-Tokio General Insurance 3. HDFC ERGO General Insurance 4. ICICI Lombard General Insurance 5. Bajaj Allianz General Insurance 6. Reliance General Insurance 7. Agriculture Insurance Company of India
To claim crop insurance farmer needs to select a company that offers insurance and then get registered with the provider after deciding appropriate coverage plan.
Farmers have to pay premium of any type of crop insurance. In intital stage farmers can get help from government in paying premium price under Pradhan Mantri Fasal Bima Yojana.
If market price drops below the guranteed price then insurance company will pay compensation money to registered farmers.
Getting crop insurance may seem a tedious work but it is valuable and beneficial for long term stability of farmers in India.
thanks for reading!