Coimbatore, Jan 29
ITGI (IFFCO- Tokio General Insurance Company) has said that from January 1, the IFFCO-Tokio Sankat Haran Policy is available on IFFCO (Indian Farmers Fertiliser Co-operative) and IPL (Indian Potash Ltd) products only.
It was earlier covering Kribhco (Krishak Bharathi Cooperative Ltd) products as well.
While the reasons for Kribhco disassociating from renewing the policy were not known, ITGI has stated it will have no liability on any bag of fertiliser of Kribhco brand.
The Sankat Haran policy, incidentally, is a personal accident insurance cover. It is being offered to the farmers (in this region) with every 25 kg purchase of fertiliser bag `of specified brand/product'.
The policy offers protection against physical injury or death, resulting from accident, and not a medical insurance cover.
As per the policy, a farmer would receive Rs 4,000 insurance cover with every 25 kg fertiliser purchase, and the same would be for a maximum of 25 bag or Rs 1 lakh/year and the fertiliser company pays the premium.
Industry sources say that the awareness level was quite high, particularly in fertiliser sales made through cooperatives.
The cover, sources say, is being extended to 2.5 crore farmers every year.
The policy was launched in 2001 and ITGI has, till date settled claims totalling Rs 23.07 crore.
ITGI is a joint venture between IFFCO and its associates and Tokio Marine and Nichido Fire Insurance Company in Japan. It has 72 offices across the country and is in the process of widening its network.