IFFCO-Tokio honors its commitment to farmers
Tohana, 1st February 2012: IFFCO Tokio General Insurance Co., a leading player in the general insurance sector, today distributed claim cheques of Barish Bima Yojna (BBY) to farmers of Tohana Block of Fatehabad. The claim cheques were distributed by the Minister of Agriculture, Haryana, Shri. Paramvir Singh and also present on the occasion were other eminent dignitaries Shri. Prahalad Singh Gilla Khera, Chief Parliamentary Secretary, and Shri. Ashok Yadav, Director General Agriculture.
In total, the company settled claims worth Rs. Rs 82.11 lacs to 2905 Farmers of Tohana Block of Fatehabad. BBY was first introduced in April 2004 and since then IFFCO TOKIO has been successful in spreading distribution of its Weather Insurance Products in more than 200 districts, insuring 10.27 Lakh farmers and have paid claims to 3.35 Lakh farmers.
Mr. N K Kedia, Director – Marketing, IFFCO Tokio General Insurance said, "IFFCO Tokio has been at the forefront of the rural revolution, to provide Risk Management Solutions to the Rural Masses. Our endeavor is to spread the benefits of insurance to the farmers through our specially designed weather insurance products like Barish Bima Yojna and Mausam Bima Yojna."
IFFCO Tokio General Insurance has been known for its unique rural-market focused initiatives. The company has been serving the farming community, since 2001, when it launched its specially designed personal accident policy linked with the purchase of fertilizer, named "Sankat Haran" under the slogan Khaad to Khaad Bima Saath.
Mr.Kedia also said, "Claim cheques of policies taken through Nodal Banks are being handed over to the respective Banks. Banks shall credit the claim amount into the individual Bank Accounts of Farmers. 50 Non- Loanee Policyholders insured directly by us are being given the claim cheques today itself. This is one of the fastest ways of paying claims to the beneficiary farmers."
Agriculture Dept, Govt. of Haryana has implemented the Weather-based Crop Insurance Scheme (WBCIS) in Tohana Block of Fatehabad through IFFCO Tokio during Kharif 2011 season for Paddy Crop. WBCIS provides substantial premium subsidy (varies from crop to crop) to Loanee and Non- Loanee Farmers cultivating notified crops.
About Barish Bima Yojna (BBY) & Mausam Bima Yojna (MBY)
BBY & MBY are index-based weather insurance products that cater to the needs of the farmers as well as the state co-operatives in India. BBY is for Kharif crops & MBY is for Rabi crops. Barish Bima Yojna provides cover for deviation in Rainfall & Mausam Bima Yojna covers deviations in Rainfall, Temperature & Humidity which ultimately result in loss of crop yield. IFFCO TOKIO's weather insurance products have been successfully marketed across 14 states and more than 200 districts in India.
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. In Haryana, IFFCO Tokio has offices in 9 Districts namely- Ambala, Kaithal, Rohtak, Hisar, Yamunanagar, Karnal, Kurukshetra, Sirsa & Narnaul.