The Hindu Business Line : Iffco-Tokio launches new scheme in TN

Coimbatore, Nov. 5 After the introduction of Barish Bima Yojna (BBY) for kharif crops in four States in 2004, Iffco-Tokio General Insurance Company evolved a variant of its weather insurance product — Mausam Bima Yojna (MBY) — this year.

MBY has been introduced in select districts across six States — Andhra Pradesh, Punjab, Uttar Pradesh, Maharashtra, Madhya Pradesh and West Bengal so far. Its pilot launch in Tamil Nadu took place at Coimbatore on Wednesday.

MBY is an index-based weather insurance product. The policy provides cover for anticipated deficiency in crop yield due to excess rainfall during the specified cover period. “The rainfall threshold limit is indicated to farmers. If it crosses the upper limit, the claim is triggered as per the policy. It is, however, the insurer’s responsibility to collect the rainfall data on a regular basis,” its Business Head, Mr K. Venkatesan, said.

Crops covered

The crops covered under this product would include paddy, sugarcane, groundnut and other crops cultivated in this belt. The company is planning to introduce MBY in Salem, Madurai, Cuddalore and Vellore districts before the end of November.

To a query on claims, he said, “MBY has been introduced very recently. We have distributed BBY widely, insuring 2.11 lakh farmers and settling claims totalling Rs 12 crore to 36,300 farmers till date.”

More Stories on : General Insurance | Cultivation | Tamil Nadu

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