Coconut Palm Insurance Scheme
Coconut cultivation is long-standing, and it involves many risks such as climatic changes, natural disasters, insects, and pest issues. At times it may completely wipe out the cultivation in the affected area and bring in the excessive loss for the farmers. The Coconut Development Board, a lawful body formed by the Ministry of Agriculture, Government of India, has been manufacturing insurance schemes to help small and medium coconut growers in overcoming the losses.
Coconut cultivation is long-standing, and it involves many risks such as climatic changes, natural disasters, insects, and pest issues. At times it may completely wipe out the cultivation in the affected area and bring in the excessive loss for the farmers. The Coconut Development Board, a lawful body formed by the Ministry of Agriculture, Government of India, has been manufacturing insurance schemes to help small and medium coconut growers in overcoming the losses.
The objective of the Scheme
- To continue financial assistance to the coconut farmers in assuring their coconut palms against natural and climatic disasters.
- It will also help in stabilizing the income of the coconut farmers, especially during the disastrous years.
- Ensure risk minimization
- Encourage coconut palm replanting among the farmers
- Restore coconut farming
Eligibility Conditions
- Coconut farmers should have a minimum of five healthy nut-bearing palms in any endemic area
- Small and Hybrid palm trees that come under the age group of 4–60 years
- Tall palm trees that come under the age group of 7–60 years are eligible for the coverage
- Unhealthy and old palms will not be entitled to the coverage
- All the healthy palms within the age group are eligible for the insurance.
- The insurance is branched into two age groups that fall between four and fifteen years and sixteen and sixty years, for fixing premium and sum insured.
- Partial insurance of plantations in the contagious area is not allowed.
- Insurance coverage is from 4th/7th year to 60th year.
Risks Covered under the Scheme
- Storm, typhoon, hailstorm, cyclone, tornado, flood, and burdensome rains
- Pest attack that leads to despondent damage to the coconut palm
- Forest fire, bush fire, accidental fire, and lightning destroy the palm completely
- Earthquake, Tsunami & landslide
- A severe drought can lead to death and turn the palm unproductive
- Losses that occurred due to theft, war, rebellion, revolution, natural perishability, or uprooting are not covered under the scheme.
Also Read: Crop Insurance In India - Pradhan Mantri Fasal Bima Yojana
