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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

Varsha Bima / Rainfall Insurance

The Varsha Bima/ Rainfall Insurance is a very special type of weather insurance scheme for the farmers whose crops get affected mainly by the rain conditions. Since this is a natural phenomenon and the farmers have very less to do with it, the government has thought that farmers would be provided with some financial support in case their crops fail due to this condition. Whether it is due to lack of rainfall or due to excess of rainfall, the Varsha Bima/ Rainfall Insurance would certainly help the farmers to get out of the suffering caused by the crop loss.

Key features of the Varsha Bima/ Rainfall Insurance

The key benefits of the Varsha Bima/ Rainfall Insurance, which has made this one a very popular scheme among the farmers, have been discussed as under:

  • Adverse Rainfall can be verified:

    With the help of the Varsha Bima/ Rainfall Insurance, the rainfall can be now verified and its adverse effects can be monitored and measured. This means that the hazard effects could be mitigated more effectively.

  • Transparent:

    The most important benefit of the Varsha Bima/ Rainfall Insurance is that it is transparent and the farmers can rely on it without any issues. The premium structure is flexible and the compensation structure is as per the requirement of the farmers.

  • Inexpensive:

    The operation of the Varsha Bima/ Rainfall Insurance would not cost much on the part of the government.

  • Speedy Settlement:

    The settlement would not take any time at all, and the claims could be settled in just about a fortnight.

  • Placed with Capital Markets:

    The Varsha Bima/ Rainfall Insurance follows the practices as followed in the countries like USA and hence, packaging placing of the scheme is highly effective.

Benefits of the Varsha Bima/ Rainfall Insurance Explained in Detail

Name of the Benefit

The Advantage

01

Seasonal Rainfall insurance

Every season, rainfall insurance in the rainy season, that is, from the month of June till the month of September would be provided.

02

Sowing Insurance

Sowing insurance would be provided from the month of June till the month of August.

03

Rainfall Distribution Insurance

Depending upon certain factors, the rainfall distribution insurance would be provided from a certain week in the month of June till a certain week in the month of September

04

Agronomic Index

Depending upon the amount of water required by a particular type of crop, the risk analysis would be done.

Frequently Asked Questions

  • Who can apply for the scheme?

Any farmer or cultivator who is at the risk of losing some crops due to the adverse effects of the rainfall can apply for this scheme.

  • What would be period of acceptance of the risk?

Generally, the risk acceptance period would be dependent on a various factors but it is up to the 30th of June of the current year in most of the cases.

  • Can the farmers covered under the Varsha Bima/ Rainfall Insurance participate in multiple insurances?

No, it is not possible for the farmers under the Varsha Bima/ Rainfall Insurance to apply for the multiple schemes.