Types of Insurance Offered by Government for Farmers

Types of insurance that farmers should have Insurance for life The Pradhan Mantri Jeevan Jyoti Bima Yojna will provide a life insurance scheme with coverage (PMJJBY). Life Insurance Advantages The death cover will be Rs.200,000 per member, and the insurance will be provided by the Life Insurance Company. Criteria for Eligibility Savings bank account holders between the ages of 18 and 50 who provided consent to join the scheme during the 'enrollment period' are eligible to participate. Premium The premium will be taken from the savings account. The cost of the premium is Rs.330 plus service tax. Renewal premiums are assessed at the rate determined from time to time on Annual Renewal dates. Assurance The Nominee is entitled to Rs.2,00,000 in the event of the death of the insured member. Period of time The farmer will be covered for one year beginning on the date of enrollment, whichever is later and will end on the 31st of May of the following year under PMFBY. Insurance for Agriculture Pumpsets (Upto 10 Horse Power) This insurance scheme only covers centrifugal pump sets (diesel and electric) with a capacity of up to 10 horsepower used for agricultural purposes. Scheme's Scope Lightning and fire Riot, strike, and malicious harm Mechanical and electrical failure Farmers Enrollment The electrical and mechanical specifications of the pump specified in the proposal form will be provided to the farmers. It will include all of the pump set's specifications. The maximum sum insured under this scheme is Rs.25,000. This section applies to agricultural pump sets that are up to seven years old. Insurance for Agricultural Tractors According to the standard Motor Policy's provisions, conditions, and endorsements. Specified Authority For non-crop sections of the policy, the Unified Package Insurance Scheme will be underwritten by General Insurance Companies enrolled by the Department of Agriculture, Cooperation, and Farmers Welfare under the crop insurance program or designated by the Agriculture Department, or by General Insurance Companies with a tie-up with concerned Financial Institution/Banks. Policy Inapplicability The following conditions will not hold the Company liable: Loss or damage, liability or expenses (directly or indirectly) incurred as a result of war, invasion, the act of a foreign enemy, hostilities, civil war, revolution, insurrection, mutiny, military, rebellion, or civil commotion, or loot Loss or damage due to deterioration or wear, as well as consequential loss of any kind or description. Nuclear weapons-caused loss or damage This insurance does not cover direct losses or damages caused by ionizing radiation or contamination by radioactivity from nuclear wastes resulting from the combustion of nuclear fuel. Time Restriction Except for crop insurance, the Unified Package Insurance Scheme will last a full year. Crop insurance will be provided biannually for the Kharif and Rabi seasons. The scheme is renewable year after year. Loanee farmers will be protected by banks or financial institutions, whereas non-loanee farmers will be protected by banks and insurance intermediaries.

Juhi Jindal Published on: 08 August 2022 12:00 PM

Insurance for life

The Pradhan Mantri Jeevan Jyoti Bima Yojna will provide a life insurance scheme with coverage (PMJJBY).

Life Insurance Advantages

The death cover will be Rs.200,000 per member, and the insurance will be provided by the Life Insurance Company.

Criteria for Eligibility

Savings bank account holders between the ages of 18 and 50 who provided consent to join the scheme during the 'enrollment period' are eligible to participate.

Premium

The premium will be taken from the savings account. The cost of the premium is Rs.330 plus service tax. Renewal premiums are assessed at the rate determined from time to time on Annual Renewal dates.

Assurance

The Nominee is entitled to Rs.2,00,000 in the event of the death of the insured member.

Period of time

The farmer will be covered for one year beginning on the date of enrollment, whichever is later and will end on the 31st of May of the following year under PMFBY.

Insurance for Agriculture Pumpsets

This insurance scheme only covers centrifugal pump sets (diesel and electric) with a capacity of up to 10 horsepower used for agricultural purposes.

Scheme's Scope
Lightning and fire
Riot, strike, and malicious harm
Mechanical and electrical failure
Farmers Enrollment
The electrical and mechanical specifications of the pump specified in the proposal form will be provided to the farmers.
It will include all of the pump set's specifications. The maximum sum insured under this scheme is Rs.25,000.
This section applies to agricultural pump sets that are up to seven years old.

Insurance for Agricultural Tractors

According to the standard Motor Policy's provisions, conditions, and endorsements.

Specified Authority

For non-crop sections of the policy, the Unified Package Insurance Scheme will be underwritten by General Insurance Companies enrolled by the Department of Agriculture, Cooperation, and Farmers Welfare under the crop insurance program or designated by the Agriculture Department, or by General Insurance Companies with a tie-up with concerned Financial Institution/Banks.

Policy Inapplicability

The following conditions will not hold the Company liable:

Loss or damage, liability or expenses (directly or indirectly) incurred as a result of war, invasion, the act of a foreign enemy, hostilities, civil war, revolution, insurrection, mutiny, military, rebellion, or civil commotion, or loot Loss or damage due to deterioration or wear, as well as consequential loss of any kind or description.

Nuclear weapons-caused loss or damage

This insurance does not cover direct losses or damages caused by ionizing radiation or contamination by radioactivity from nuclear wastes resulting from the combustion of nuclear fuel.

Time Restriction

Except for crop insurance, the Unified Package Insurance Scheme will last a full year. Crop insurance will be provided biannually for the Kharif and Rabi seasons. The scheme is renewable year after year. Loanee farmers will be protected by banks or financial institutions, whereas non-loanee farmers will be protected by banks and insurance intermediaries.

Also Read:- Unified Package Insurance Scheme