Iffco Tokio settles Rs 1.31 crore farmers' claims in Chhattisgarh

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Rajnandgaon, Chhattisgarh, Apr 1 (UNI) Iffco Tokio General Insurance Company Limited (ITGI) has disbursed claim disbursement to the tune of Rs 1.31 crore to the farmers under its popular 'Barish Bima Yojana (BBY)' in Chhattisgarh.

Chief Minister Dr Raman Singh started the distribution of claim cheques to farmers at a function organised by Tumdibod gram panchayat in Rajnandgaon district last evening.

The claims have been made to 4,169 farmers in seven districts of Surguja, Koriya, Jashpurnagar, Raigarh, Mahasamund, Kawardha and Rajnandgaon districts. The scheme was launched in 12 districts covering a total of 10,433 farmers during Kharif season 2007. Iffco Tokio Managing Director and Chief Executive Officer S Narayanan said the BBY aimed at providing insurance cover to farmers due to deficiency in rainfall. The policy was a great success as it protected farmers of the country against unforeseen risks, such as deficiency in rainfall.

He said ITGI has been serving the peasant community through its specially drafted personal accident policy linked with purchase of fertiliser, named 'Sankat Haran Bima Yojana' through co-operative societies under the slogan 'Khad to khad Bima Saath'. Under this cover, no premium is charged from the farmer.

Till January this year, 6,945 claims have been paid, amounting to Rs 40.55 crore all over India.

The BBY is an index based weather insurance product that caters to the needs of the farmers. The policy provides cover for anticipated deficiency in rainfall during the monsoon months (June-September).

At the end of the policy period, the weighted actual rainfall is compared to the weighted normal rainfall and the graded claim payout is made as per claim payout table. The policy is sold as a group policy through cooperative societies, co-operative banks and NGOs.

ITGI is a joint venture promoted by the Indian Farmers Fertiliser Co-operative (IFFCO) and its associates and the Tokio Marine and Nichido Fire, the largest insurance company in Japan.

The Indian promoter's contribution is 74 per cent, while Tokio Marine has contributed 26 per cent through group company Tokio Marine Asia Private Ltd.

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