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
IRDAI has permitted micro-insurance agents to solicit and market crop insurance schemes like Pradhan Mantri Fasal Bima Yojana (PMFBY). It ...
Pradhan Mantri Fasal Bima Yojana, touted as one of the most farmer-friendly crop insurance schemes of independent India has some ...
Union Government has approved Pradhan Mantri Fasal Bima Yojana to provide a social security net to millions of farmers across ...
Central Government has proposed a new policy to provide a safety net to growers of pulses to boost production. New ...
List of Crop Insurance Companies in India
