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Our Correspondent

Madurai , May 17

IFFCO-Tokio General Insurance Co Ltd has launched a weather insurance policy `Barish Bima Yojana (BBY)' for the benefit of the rural masses in the Madurai region.

The new product seeks to provide insurance cover for farmers against damage to crop due to deficiency in rainfall.

The index-based reinsurance driven product provides cover for anticipated deficiency in crop yield due to deficient rainfall during June to September. At the end of the policy period, the weighted actual rainfall is compared to the weighted normal rainfall.

The graded claim payout is made as per the claim payout table. Sold as a group policy through the cooperative societies and cooperative banks/NGOs etc., the policy is claimed as catering to the needs of farmers and State cooperatives.

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