India is famous for its agriculture sector as it has a wide economic agriculture sector. India is surrounded by fields and farmers; it is the oldest and the primary source of livelihood for Indians. These agricultural, pieces of equipment and pesticides are becoming costly day by day, and sometimes because of various reasons these crops and harvesting become deteriorate. Because of various reasons or not getting proper nature support such as rain, sunlight, unwanted raining or thunderstorms, and hailstorms. The reasons can vary, and this led to a heavy loss of farmers and farms, which raises the need for farm Insurance in India.
Farm Insurance is especially for helping the farmers, which provides financial support to the farmers. It helps to encourage the farmers and gives them support in their financial loss. Such as, it covers crop losses, and all the damage to the farm, which is occurred by natural or unwanted events.
There are, various Yojanas available in the market. Sponsored by the Indian government for the benefit of the farmers.
- PM kisan Scheme
- Pradhan Mantri Kisan Maandhan Yojana
- Pradhan Mnatri Fasal Bima Yojana
- Kisan Credit Card
- Pradhan Mantri Krishi Sichai Yojana
- Rajiv Gandhi Kisna Nyay Yojana
- E-NAM national agriculture Market
These are some Schemes, made by the government for the farmers for their old age benefits, or the duration of the cultivation, or harvesting.
There are also some Farm insurance schemes available in the market –
- National Agriculture insurance scheme
- Pilot whether based crop Insurances scheme
- Pilot Coconut Palm insurance schemes
- Comprehensive crop insurance scheme 1985
- Pradhan mantri fasal Bima Yojana
- Restructured weather-based crop insurance schemes
Benefits of Government Farm Insurance Policies
If the farmer gets damaged and losses in crops, they don’t need to hassle, for money, or to take a loan from the market at a higher rate of Interest. These insurance policies will help to keep them calm, after facing heavy loss.
- Provide a claim for the widespread farm damages.
- Premium and ROI will be equally paid, by the government of the state or the centre.
- Provide assessment and settlement of natural disasters such as cloud bursts, natural fire, post-harvest losses because of cyclones, landslides, hailstorms and many more.
- Covers pre–sowing to post-harvest losses.
Together with, you can check individually these schemes and their benefits which vary as per the schemes.
Private Farm Insurance companies in India
There are various private Farm Insurance companies in India, which provide insurance on fruits, vegetables, cultivation, harvesting, seeds, or on natural disasters.
- AIC (Agriculture Insurance Company of India)
- Bajaj Allianz
- Bharti AXA CIC
- Chola MS
- Future Generali
- HDFC ERGO
- ICICI Lombard
- IFFCO Tokyo
- National Insurance
- New India Assurance
- Oriental Insurance
- Reliance GIC
- Royal Sundaram GIC
- Sriram GIC
- TATA AIG
These are some private insurance companies, which provide insurance on crops, although some of the companies work only in their selected region or state of India. Every Farm insurance policy has their own insurance terms and policies, some policies cover, oilseeds, millets, cereal crops, and some selected vegetables and fruits.
Benefits of Private Farm Insurance
The farmers will get various benefits from getting this policy insurance from private insurance companies such as –
- Tax exception, on premium which is paid by the farmers, in against of crop insurance policy every year.
- these insuarnce are for not only crops but also for machinery along with livestock, on small as well as big commercial farming firms.
- Repair and replacement of machinery.
- Claims can be done under, fire damage, storms, a natural disaster for seeds, crops, products.
Liabilities covered under insurance –
- Environmental disasters
- Employers
- Product and public damage protection.
What doesn’t cover under these Farm policies?
Most companies don’t provide claims or insurance on those products, farm which is getting destroyed by others, or third party with, malafide intention.
The policies we get by farm insurance are –
- Farm fleet insurance ( Covers vehicles )
- Farm or commercial motor insurance ( covers equipment or motors used in farming )
- Farm diversification insurance
- Crop insurance
- Fencing insurance around the farm
- Livestock sickness insurance
- Insurance on growing timber (for natural reasons)
- Environment blunt
How much does this farm insurance cost?
There is no any fix price for these farm policies, the charges can vary as per the risk of the damage, or the area its climate, farm size, asserts, and many more.
For the best guidance, you can hire a bank insurance broker, or visit the given insurance companies link online so that you can get better guidance for purchasing these farm insurance as per the need of your farms.
Conclusion
Getting insurance for your things is a safe play from your side to your business, health life, farm or anything. As it decreases the hassle of your business loss factor and helps you to do your business with less risk of heavy loss.
The post Benefits of Farm Insurance Policies appeared first on Insurance Policy.
