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Most Popular Policies of AIC Of India Ltd

  • National Crop Insurance Programme
    Government of India launched a farmer friendly crop insurance plan called National Crop Insurance Program.
    Key features of National Crop Insurance Program
    • Liability of claim available
    • Easy settlement of claim
    • Coverage available for loss of harvest
    • Experiments regarding crop-cutting is covered
  • Varsha Bima / Rainfall Insurance Plan
    The Rainfall Insurance is a weather insurance policy designed for the farmers to give them financial coverage against rain-affected crops.
    Key features of Rainfall Insurance Plan
    • It helps mitigate the adverse effect of rainfall
    • Transparent plan with flexible premium
    • Quick claim settlement
    • Inexpensive plan
  • Pulp Wood Tree Insurance Policy
    This India Government initiated crop insurance plan is crafted for those farmers who grow various pulp wood trees.
    Key features of Pulp Wood Tree Insurance Policy
    • Coverage available for total loss
    • Partial losses are also covered
    • Complete protection against natural calamities
    • Policy tenure can be extended to 5 years
  • Bio-Fuel Tree/Plant Insurance Plan
    This insurance plan covers those farmers in India that help produce bio-fuels.
    Key features of Bio-Fuel Tree/Plant Insurance Plan
    • Payment of total sum assured if crop gets damaged
    • Coverage available for all natural risks
    • Optional extension of policy period up to 5 years
    • Optional coverage against drought available

National Crop Insurance Programme

A farmer friendly crop insurance scheme has been launched by the government of India in the name of the National Crop Insurance Programme. In case of the loss of crops, farmers generally have to suffer a lot. The National Crop Insurance Programme is aimed at providing certain relaxation to the farmers so they don’t feel at much loss. The features of the National Crop Insurance Programme have been discussed as under:

Key Features

The key benefits of the National Crop Insurance Programme, which is actually formed by the merging of three schemes, namely, Modified National Agricultural Insurance Scheme, Coconut Palm Insurance Scheme and Weather Based Crop Insurance Scheme have been discussed as under:

  • Liability of Claims:

    A great benefit of this scheme is that the insurance company would be liable for the claims.

  • Efficient Calculation:

    The main reason why the National Crop Insurance Programme is so effective is that it provides a proficient basis upon which the threshold yield calculation can be done.

  • Easy Settlement of Claims:

    The claims can be settled easily and quickly, thanks to the NCIP scheme. This provides immediate relief to the farmers.

  • Harvest Losses Covered:

    Once insured under this scheme, the farmers can be relaxed as they would not have to worry about the post-harvest losses or even the planting risks and the sowing risks. In case a natural calamity brings such losses, farmers would not have to worry at all.

  • Crop Cutting Experiments Covered

    : Most of the farmers do not agree to crop Cutting Schemes as experimented by the government. Under the national crop insurance scheme, 50% of these incremental expenses would be paid by the insurance company.

Components of the Scheme

The National Crop Insurance Programme is not a standalone scheme proposed by the Government but is composed of three separate components – MNAIS (Modified National Agricultural Insurance Scheme), WBCIS (Weather Based Crop Insurance Scheme) and CPIS (Coconut Palm Insurance Scheme). The three components have been discussed as under:

  • MNAIS

In case the crops fail due to some natural calamity or there is low yield in some particular season, financial support is guaranteed to the farmers under this scheme.

  • WBCIS

In case there is some kind of weather incidence and the crops do not come up as expected by the farmers, insurance coverage would be provided by the farmers. Total crop loss in case of unsuitable weather might devastate the farmers completely but thanks to this component, the farmers would; have some financial support for sure.

  • CPIS

The farmers growing only the coconut palm trees would be covered under this special component.

Features of the Components of the National Crop Insurance Programme

MNAIS

WBCIS

CPIS

01

The actuarial premium rates would be shared by the central and the state government and a subsidy of up to 75% would be provided.

The actuarial premium rates would be shared by the central and the state government and a subsidy of up to 75% would be provided.

A farmer that offers 5 or more healthy palms is eligible for this

02

Insurance company would be liable for the claim

Insurance company would be liable for the claim

Loss of palm tree in its entirety is covered

03

In the coastal areas, the failure of crops due to cyclones would be covered by the insurance scheme.

04

Non loanee farmers may not take the scheme but the loanee farmers would have to go for this certainly

Non loanee farmers may not take the scheme, but the loanee farmers would have to go for this certainly

05

If the area suffers 50% or more crop loss in some season, 25% of the claims can be done in advance

In case of hailstorm or cloudburst, additional benefits are provided

For each palm, minimum sum assured is Rs 900 and maximum sum assured is Rs 1750

Frequently Asked Questions

  • Who is implementing the National Crop Insurance Scheme?

The National Crop Insurance Programme would be implemented by AIC.

  • Who would be liable for the claims in case of failure of the crops?

In case of the failure of the crops, the insurance companies would be liable for the claims.

  • Are there any individual benefits in case of natural calamities?

Yes, depending upon the severity of the natural calamity, financial support would be provided to the farmers, for example, in the case of hailstorm or cloud burst, add-on coverage can be provided.