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Agritech start-up nurture.farm and Digisafe insurance brokers have tied-up to offer KAVACH, a weather-based cash guarantee program for farmers.
KAVACH offers farmers a cashback up to ₹500 per acre against unseasonal rainfall. Farmers using nurture.farm’s services can enroll in the program, the company said in a statement.
As a pilot, farmers of Maharashtra and Madhya Pradesh can buy this coverage at a nominal fee.
Highly customised as per local weather data, the KAVACH will transfer payouts directly to a farmer’s bank account if rainfall breaches a pre-set limit. The farmers would not need to intimate for claims. Instead, the payouts will be automatically triggered based on the IMD weather data, the statement said.
“Offering KAVACH is an incremental step towards enhancing farmer resilience. Through this service, we are nudging a behavioural change in farmers by encouraging them towards embracing financial protection tools. Since every season, every region faces weather-related calamities, we wish to cover our farmers against such weather-related adversities. Through KAVACH, we have defined the parameters of cash out so that farmers will benefit based on localised weather. The automatic payouts, which happen timely within a week of the rainfall breach, will be a game changer. We wish to extend this to 3,00,000 farmers this year,” said Dhruv Sawhney, Business Head and COO, nurture.farm.
Within three weeks of its launch, more than 1,21,000 KAVACH have been availed by over 30,000 farmers across nine states, covering 280 districts, the company claimed.
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