Financial Daily from THE HINDU group of publications
Monday, Nov 21, 2005
Financial Daily from THE HINDU group of publications Monday, Nov 21, 2005 |
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Agri-Biz & Commodities
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Wheat Money & Banking - General Insurance Two cos offer insurance cover for wheat crop Our Bureau
Mumbai , Nov. 20 WHEAT cultivators in Punjab and Haryana now have the option of buying insurance for their crops, with two companies - ICICI Lombard and Agriculture Insurance Company - launching specialised cover. ICICI Lombard's insurance cover protects wheat growers from crop yield losses arising out of extreme temperatures, both high and low. The company plans to cover 12,000-15,000 farmers through the scheme. The premium per acre, including service tax, would be Rs 375. The insurance cover for the crop will be available for three months from January 1 to March 31, 2006. The claims arising out of extreme high temperature conditions would be settled within 28 days after the expiry of the cover period based on the temperature data collected from the Indian Meteorological Department reference weather stations at Delhi, Amritsar and Hissar. The wheat insurance policy is being distributed through RMS India, an Agribusiness Group India company involved in marketing and distribution of agri inputs, and a Sangrur-based NGO, Indico Hightech involved in contract farming. In Punjab, policies would be distributed through both the partners, while in Haryana, policies would be made available to the farmers only through RMS India. Agriculture Insurance Company (AIC) also plans to introduce wheat crop insurance by next week. The company will use the parameters of extreme temperature and crop biomass to make the claim payouts. AIC will be introducing the cover as a pilot project in select districts in Punjab and Haryana.
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