Agritech firm nurture.farm has launched an insurance cover to derisk farmers against market price fluctuations. The product offering, part of its flagship insurance program ‘Kavach’, is called Bhav Guarantee and the company aims to cover both cereal and vegetable crops.
nurture.farm said the Kavach Bhav Guarantee product aims to help farmers get fair value for their produce and minimize financial losses in case of price fluctuations. While it is difficult to predict the mandi prices for different crops as these prices depend on a large number of variables, nurture.farm has created a risk cover mechanism through which the farmer is compensated for the fluctuations in prices of their end produce. The advantages of this offering include index-based trigger, shorter disbursal window, and direct transfer of the compensation amount to the farmer’s bank account.
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Dhruv Sawhney, COO & Business Head at nurture.farm said, “Kavach Bhav Guarantee is designed to safeguard farmer’s income and aligns with our mission of making agriculture sustainable and viable. With this product, we will be able to successfully mitigate risk, minimize risk cover premiums, guarantee returns and, in turn, build for farmer resilience. The product is tailor-made for farmers and will ensure financial safety against price fluctuations.”
Kavach Bhav Guarantee
nurture.farm has partnered with Advanta Seeds to launch the Kavach Bhav Guarantee for farmers who purchase Advanta’s Raadhika, Jaani or Ratna brands of Okra seeds. Farmers can download the nurture.farm app and scan the QR code available on the Okra seeds pack to avail this cover benefit at no additional charge, the company said.
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Prashant Belgamwar, Regional Head, Asia & Africa and International Vegetables at Advanta Seeds said, “This innovative product - Kavach Bhav Guarantee - will complement our products and provide our farmers with an opportunity to protect their cost of cultivation, in case fresh okra prices fall below the benchmark level. With this initiative, Advanta will continue its efforts to protect farmers’ ROI by providing unique products and services to farmers. We look forward to covering more than 1,00,000 okra growers across the country.”
Okra is one of the largest vegetable crops in India in terms of value, volume and acreage. It is grown over 0.52 million hectares, and the hybrid seed market is valued at ₹650 crore. Advanta is a leading player in okra seeds in terms of value, volume and market share across India.