The Hindu Business Line : Kerala launches deficit rain insurance cover

A scheme to extend insurance cover to paddy farmers, who suffer shortfall in crop yield on account of deficit rain, has been launched in Kerala. The scheme, Varsha Bima-2006, launched by the Agriculture Insurance Company of India Ltd in Thiruvananthapuram, Kollam, Kottayam, Alappuzha, Palakkad, Kozhikode and Kannur districts, will be on pilot basis.

Insurance cover

The insurance cover is available from August to September and is based on the volume of rain during the period. Information from the regional rain gauges of Indian Meteorological Department in the districts will be used for calculating the amount of rain. The scheme has been designed in such a way that compensation will be paid if the rainfall is below normal. The premium per acre varies from district to district and will be between Rs 312 and Rs 858.

Maximum compensation

The maximum compensation available under the scheme is Rs 4,800 per acre. This will be credited directly to the farmers' bank accounts and there is no need for submitting separate application for the purpose.

The last date for joining the scheme is July 31. The farmers interested in taking policies have to remit the premium amount in accordance with the size of the paddy fields.

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