FARM INSURANCE

Insurance Schemes for Animal Husbandry sectors

Following are some of the insurance schemes covering major segments in agriculture and animal husbandry which are offered by the New India Assurance Company for the benefit of farmers.

Cattle Insurance

Scheme covers indigenous, exotic or cross-bred milch cows and buffaloes, calves / heifers, and stud bulls. Sum insured under the policy will be the market value of the animal. The basic premium rate per annum is 4% of the sum insured. Long term policies are also issued with long term discounts. The policy shall give indemnity for death due to accidents and diseases.

For more details: http://www.newindia.co.in/rural-cattle.asp

Poultry Insurance

This is a comprehensive insurance scheme applicable to poultry farms consisting layer birds, broiler birds and parent stock (Hatchery) that are exotic and cross-bred. All birds in a farm should be covered. The sum insured or peak value for broilers and layers are Rs 45 and Rs 75 respectively. The Policy shall provide indemnity against death of birds due to accident or diseases occurring during the period of insurance subject to the exclusion provisions.

For more: http://www.newindia.co.in/rural-poultry.asp

Sheep and Goat Insurance

All indigenous, crossbred and exotic sheep and goat will be covered under this scheme. The policy shall provide indemnity against death of sheep and goats due to accident including fire, lightning, flood, cyclone, famine, earthquake, landslide, strike, riot or diseases occurring during the period of insurance. The market value of sheep and goats varies according to breed to breed area and to time. The Veterinarian’s recommendations is considered the acceptance of insurance as well as for settlement of claims depends on two inspection report of the veterinary officer.

For more:  http://www.newindia.co.in/rural-sheep.asp

Livestock Insurance Scheme

The scheme is implemented by the Department of Animal Husbandry, Dairying and Fisheries, Government of India. Under the scheme, the crossbred and high yielding cattle and buffaloes are insured at  their current market price, which is assessed jointly by the beneficiary, authorized veterinary practitioner and the insurance agent. The premium of the insurance is subsidized by 50%. The entire cost of the subsidy is being borne by the Central Government. The benefit of subsidy is being provided to a maximum of 2 animals per beneficiary for a policy for maximum of three years.

All those female cattle/ buffalo yielding at least 1500 litre of milk per lactation are considered as high yielding and hence can be insured under the scheme for their current market value. Animals covered under any other insurance scheme/plan scheme will not be covered under this scheme. Benefit of subsidy is to be restricted to two animals per beneficiary and is to be given for one time insurance of an animal up to a maximum period of three years. The Gram Panchayats will assist the Insurance Companies in identifying the beneficiaries.

For more details on the Major exclusions, Insurance coverage, claim procedures, visit http://dahd.nic.in/lsinsurancenew.htm

Kamadhenu Insurance Scheme

Since cattle population in the state is predominantly cross-bred, these are highly prone to diseases. Due to diseases, the farmers are incurring losses. In order to compensate the loss, the Department of Animal Husbandry, Government of Kerala came up with an insurance programme jointly with United India Insurance Company as per GO (MS) No: 123/98/AD Dated 17/6/1998. This rate of insurance premium is at a concessional rate of  6.6%. This scheme is implemented in all the Grama Panchayats, Municipalities and Corporations in the state.

Last updated: 26-12-2007