Mausam Bima Yojna Coimbatore
Coimbatore, November 05, 2008: IFFCO-Tokio General Insurance Co. Ltd. , today launched a variant of its Weather Insurance Product- Mausam Bima Yojna in Coimbatore. Mausam Bima Yojna is an index-based weather insurance product that caters to the needs of the farmers as well as the state co-operatives in India. The policy provides cover for anticipated deficiency in crop yield due to excess rainfall during the specified cover period. This Product will be available for crops like Paddy, Sugarcane, Groundnut and other crops cultivated in Coimbatore. Similar products will be also made available in Salem, Madurai, Cuddalore & Vellore districts during this month.
IFFCO TOKIO introduced its 1st Weather Insurance Product- “Barish Bima Yojna” (BBY) for Kharif crops in 4 States in April 2004. Since then IFFCO TOKIO has been successful in spreading the distribution of its Weather Products to more than 200 districts, insuring 2.11 lakh farmers and has also paid claims to 36,300 farmers to date.
Claims procedure under this policy is very simple. It is the Insurer’s responsibility to collect rainfall data on a regular basis. Insurer informs the Insured on happening of a claim and computes the claim amount as per the policy terms and conditions. An insured person just has to submit a simplified Claim Form. Claims under this policy are settled within a period of 3 months of the expiry of the policy.
Mr. K Venkatesan, Business Head, IFFCO TOKIO General Insurance, expressed satisfaction at the spread and reach of this product and said, “Coimbatore is an important market for IFFCO TOKIO and the launch of Mausam Bima Yojna here will definitely add to our geographical strength. The product is for the farming community so that they are able to reduce the risk and uncertainties arising from dependence on weather. It will be even more beneficial since the government has also shown interest in these products.”
IFFCO TOKIO General Insurance has two weather insurance products to offer - Barish Bima Yojna and Mausam Bima Yojna. The Company has been offering products to cater specifically to the needs of the rural population. Weather insurance holds significant importance for the farming community and the Company has been serving them, since 2001 with the launch of its specially designed personal accident policy linked with the purchase of fertilizer, named “Sankat Haran”.
In its commitment towards better customer service, IFFCO TOKIO General Insurance has been rated No. 1 is Motor Insurance Customer Satisfaction and No. 2 in Home Insurance by an independent agency Consumer VOICE. In addition, Maruti Suzuki has awarded IFFCO-Tokio as THE BEST SERVICE PROVIDER.
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 General Insurance has a widespread network of more than 170 offices across the country and many more in the pipeline for the coming year. The objective behind opening new offices is to cover the enormous spread of the country and reach the masses.