Bajaj Allianz launched weather-based crop insurance scheme for three districts of Maharashtra
This index-based insurance policy will cover losses incurred by orange fruit-growing farmers due to deviation in weather conditions.
Private insurer Bajaj Allianz on 28 June 2015 launched a weather-based crop insurance scheme for orange crops in Nagpur, Hingoli and Washim districts of Maharashtra. This index-based insurance policy will cover losses incurred by orange fruit-growing farmers due to deviation in weather conditions.
The losses will be assessed on the basis of pre-defined and government-approved term sheets and actual weather data received from an approved automatic weather station installed in each block of these districts.
Farmers who have taken loan through the kissan credit card (KCC) will automatically get insured under this scheme by their banks, while those who don’t have KCC but savings accounts need to visit the bank branches and authorize the banks to enroll them in the scheme.
The company also launched a campaign to create awareness about the scheme in these three districts. As part of the awareness campaign, a van will travel for 10 days in the orange-growing belt of Katol, Narkheda and Kalmeshwar and educate farmers. It will also use radio, hoardings, street plays mediums.
The company identified the need to offer the product in these areas looking at the volumes of the produce and how unfavourable weather conditions had an impact on produce. It will mitigate the losses incurred and ensure that farmers do not lose out on their income because of uncertainties of nature.
Now get latest Current Affairs on mobile, Download # 1 Current Affairs App