Bhubaneswar, 17 June 2009 : IFFCO-Tokio General Insurance Co. Ltd. , a trusted player in general insurance, today announced the launch of its successful weather insurance policy for Kharif crops - Barish Bima Yojna (BBY) in Cuttack, Ganjam, Khordha & Nayagarh Districts of Orissa. Barish Bima Yojna, an Index based weather insurance product provides protection to the farmers against anticipated deficiency in crop yield due to both deficit and excess rainfall depending upon the location, weather conditions and crop requirement of a specific region.
With the launch of IFFCO Tokio’s Barish Bima Yojna (BBY) in Orissa, the product is now available in 11 states this year. Out of the 11 states, the product covers risk from both deficit and excess rainfall in six of them - Orissa, West Bengal, Tamil Nadu, Gujarat, Maharashtra and Rajasthan (Kota, Jhalawar and Baran). In the other states of Punjab, Uttar Pradesh, Chhattisgarh, Madhya Pradesh, Andhra Pradesh and some districts of Rajasthan, BBY will cover farmers from deficit rainfall alone. The policy period depends upon the monsoon period of that particular State.
IFFCO Tokio has been offering Barish Bima Yojna every year during the monsoon months in various states since its launch in April 2004 and the product has received encouraging response from the farming community. This Policy is usually sold as a Group Policy through Cooperative Banks & Societies. However, individual farmers can also buy this product. Initially BBY will be offered for Paddy crop in Orissa.
Speaking about product, Mr. Ashok Mishra, Business Head - Orissa IFFCO Tokio General Insurance said, “IFFCO TOKIO is pleased to launch ‘Barish Bima Yojna’ in Orissa where the benefits of BBY have been made available for the farming community protecting them against the risk of excess and deficient rainfall conditions. Taking another step towards IFFCO Tokio’s endeavour to serve the rural populace, the company has expanded the reach of BBY to Orissa providing farmers with products that cater to the specific needs of different agricultural regions.”
Barish Bima Yojna is not linked to the declaration of drought or flood by any State agency. Claims are purely analyzed on the basis of the rainfall data recorded at the respective weather stations.
About IFFCO TOKIO General Insurance Co. Ltd.
IFFCO Tokio General Insurance Company is a joint venture promoted by Indian Farmers Fertiliser Co-operative (IFFCO) and its associates and The Tokio Marine and Nichido Fire, the largest insurance company in Japan. The Indian promoter’s contribution is 74 percent, while Tokio Marine has contributed 26 percent through Group Company Tokio Marine Asia Pte Ltd. IFFCO Tokio has a widespread network more than 170 offices across the country and many more in the pipeline during the current fiscal. The objective behind opening new offices is to cover the enormous spread of the country and reach the masses.