Private insurance player HDFC ERGO GIC has been given permission by the Maharashtra Government to implement pilot weather-based crop insurance scheme in Kharif 2012.
The scheme will be for both loanee and non-loanee farmers for Mrig Bahar (March-May crop harvest) in Kharif 2012, HDFC ERGO GIC said in a release issued here today.
The crops to be covered are orange in Akola and Buldhana districts, guava in Jalna and Buldhana districts and sweet lime in Aurangabad, Jalna, Nanded, Parbhani, Beed and Buldhana districts.
The scheme offers insurance cover to the farmers against losses caused by aberrant weather conditions during the crop cycle.
Claim amount will be settled on the basis of data taken from reference weather stations as mentioned in the scheme and managed by independent third party organisation.
HDFC ERGO General Insurance Company is a 74:26 joint venture between the country’s housing finance institution HDFC and ERGO International AG, the primary insurance entity of Munich Re Group.
The private general insurer offers a complete range of general insurance products ranging from motor, health, travel, home and personal accident in the retail space and customised products like property, marine and liability insurance in the corporate space.