Agriculture Insurance in India

Agriculture in India is fraught with risks like crop disease, pest attack, reduction in output, droughts and floods. Crop insurance will go a long way in mitigating the risk. However, several schemes have been launched and discontinued due to extreme risk factors and huge loss to insurance companies. However, the Government introduced “National Agricultural Insurance Scheme” (NAIS) in 1999-2000 by Agriculture Insurance Corporation of India.

It covers all food crops (cereals and pulses), oilseeds, horticultural and commercial crops. It covers all farmers, both loanees and non-loanees, under the scheme. The premium rates vary from 1.5 percent to 3.5 percent of sum assured for food crops. In the case of horticultural and commercial crops, actuarial rates are charged. There is a 50% subsidy provided by the government to farmers.

 

News

Skyline Partners to launch weather insurance in India

Skyline Partners, a UK based insurance technology company is planning to launch weather insurance product in India by 2019. It ...
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HDFC ERGO authorized for Weather Based Crop Insurance in Andhra Pradesh

HDFC ERGO General Insurance Company Ltd has been authorised by Government of Andhra Pradesh to implement Weather Based Crop Insurance ...
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IRDA permits micro insurance agents to sell government insurance products

IRDAI has permitted micro-insurance agents to solicit and market crop insurance schemes like Pradhan Mantri Fasal Bima Yojana (PMFBY). It ...
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Crop Insurance coverage faces problems in fertile Punjab

Pradhan Mantri Fasal Bima Yojana, touted as one of the most farmer-friendly crop insurance schemes of independent India has some ...
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List of Crop Insurance Companies in India

Agriculture Insurance Co Of India Ltd

Company Name: Agriculture Insurance Co Of India Ltd OldName: Group : Address: Corp Office 13th Floor, Ambadeep Building, 14, Kasturba ...
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