IFFCO-Tokio distributes Barish Bima Yojna claims in Fazilka

Fazilka, 02 March 2010IFFCO-Tokio General Insurance Co. Ltd. distributed claim cheques of Barish Bima Yojna (BBY) to 433 beneficiary farmers amidst a public gathering in Fazilka (District Ferozepur) in Punjab today. Having been launched in 2006 in Punjab, BBY was marketed in 11 Districts of the state during the Kharif season of 2009 covering 3245 Farmers. During the function, the company settled claims worth approximately Rs. 1.08 crores.

During the function, IFFCO Tokio also announced the launch of its Livestock Insurance product - Pashudhan Bima (Micro Insurance). IFFCO Tokio’s livestock insurance product uses Radiofrequency Identification Device (RFID) for benefit of the cattle owners. The technology helps in better identification for easy & quick claim settlement and animal health management. The product is designed to cover cattle farmers from risk arising from death due to disease, natural calamities, and accidents.

Congratulating IFFCO Tokio’s efforts for the farming community, the chief guest for the occasion Mr. Sunil Jakhar, Member of Legislative Assembly, Abohar said, “There is a need for more companies to tread the path that IFFCO Tokio has taken in serving the farming community successfully.”

Speaking on the occasion, Mr. S.K. Jakhar, Chairman, IFFCO said, “The IFFCO and Tokio Marine partnership has come a long way in servicing the farming community through its highly successful cooperative model especially in Punjab. We are proud of our association with IFFCO-Tokio General Insurance. Their vision and initiatives have supported us in our endeavor to bring better products to the Indian farmer. Our partnership will keep providing innovative value-added products customized for the Indian rural market.”

Also sharing his views on the occasion, IFFCO Tokio General Insurance’s Director - Marketing, Mr. N K Kedia, said, “IFFCO Tokio has persistently taken pioneering steps in bringing insurance to a large number of people through its suite of innovative general insurance products. The company offers a range of microinsurance products that have been accepted by the farmers across India. Punjab remains an important market for us due to its concentration of farmers. We are confident that cattle farmers and Milk unions will benefit from our Pashudhan Bima (micro insurance) since it protects them against adversities from loss of livestock.”

According to Mr. H.O Suri, Executive Director at IFFCO Tokio General Insurance, “Over the years, constant innovations of products and agility in planning have enabled IFFCO Tokio to serve the changing farming community better. We will continue our stride of serving the farming community by bringing in many more such innovations in our products and services.”

About Barish Bima Yojna

Barish Bima Yojna is an index-based weather insurance product for Kharif crops that caters to the needs of the farmers as well as the state co-operatives in India. BBY provides cover for anticipated deficiency in the crop yield due to deficient rainfall during the monsoon months. At the end of the policy period, Actual rainfall is compared to the Normal rainfall and the graded claim payout is made as per Claim Payout Table. The policy is mostly sold as a Group Policy through Cooperative Societies / Co-operative Banks. However, individual farmers can also buy this policy.

IFFCO TOKIO’s weather insurance product has been successful across 14 states and more than 200 districts in India. The product has been designed to meet the unique needs of farmers and covers deficient rainfall which is one of the major risks for crops during the monsoon period. Owing to its features, the product is getting widely popular amongst the farming community and we are confident that it will continue to gain momentum year on year.

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 Private Ltd. IFFCO Tokio has a widespread network of more than 300 offices across the country.