IFFCO-Tokio's Barish Bima Yojan gaining popularity
Bangalore, July 23 (UNI) Barish Bima Yojana (BBY), a unique weather Insurance Policy launched by IFFCO-Tokio General Insurance Company Limited (ITGI), is gaining popularity with 16.430 farmers covered through group policies since its introduction in 2004.
The company had sold 3237 group polices within two years reaching nine states to provide protection to farmers from deficiency of rainfall leading to crop loss. During the last fiscal it had settled 457 policies and a claim amount of Rs 16,46,360 had been disbursed.
ITGI Managing Director Ajit Narain said that "ITGI aims to serve the farmers with better products and services to ensure that they are protected from risks of deficiency in rainfall during the whole crop season." Initially the Policy was introduced in 15 districts, most of them parched due to scanty rainfall, in the states of Karnataka, Andhra Pradesh and Gujarat in its inception year of 2004. In 2005 it was extended to Madhya Pradesh, Maharashtra and Chhattisgarh covering 20 districts. During the current year it was extended to another 16 Districts of Punjab, Haryana and Rajasthan.
Barish Bima Yojana provided protection to farmers against deficiency in rainfall. The policy covered shortfall of rainfall based on the variation between the Total Weighted Actual Rainfall (Total of specified 4 more months period-July to October) and total weighted normal rainfall during the same period of a specific reference weather stations based on rainfall data provided by Centers recognised by India Meteorological Department (IMD).
Mr Narain said that this policy was not linked to the declaration or non-declaration of drought by the Centre or State governments.
The actual yield of crops was not measures, as the insurable event was rainfall deficiency and not the actual shortfall in the crop yield.
He said that farmers would be informed if claim arises and the procedure is very simple. The insured (Farmer) was required to fill simple claim form and the claims were settled within three months from the date of expiry of policy.
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