IFFCO Tokio's Commitment to Chattisgarh
Raipur, 27 February 2010: IFFCO Tokio General Insurance Co. Ltd., announced its tie-up with the District Central Cooperative Bank (DCCB) in Raipur and Ambikapur through which the company would be making its suite of general insurance products available to the DCCB customers in Raipur, Mahasamund, Dhamtari, Surguja & Koriya Districts. Additionally, the general insurance company also distributed claim cheques of Barish Bima Yojna (BBY) to 697 beneficiary farmers amidst a public gathering in Ambikapur (District Surguja) in Chhattisgarh.
In total, the company settled claims worth Rs. 52.74 Lacs to 802 farmers across the Surguja district. BBY was marketed in 11 Districts of Chhattisgarh during Kharif 2009 season and had covered 20641 farmers. In four districts of Chhattisgarh (Surguja, Rajnandgaon, Raigarh & Kawardha) 4639 farmers received claims worth Rs. 1.59 Crores.
Mr. N K Kedia, Director – Marketing, IFFCO Tokio General Insurance said, “We are extremely delighted to deepen IFFCO Tokio’s engagement with Chhattisgarh through the tie-up with the District Central Cooperative Bank in Raipur and Ambikapur. We are already associated with DCCB Durg & Rajnandgaon and Chhattisgarh Rajya Sahakari Bank in Chhattisgarh. These agreements will enable us to leverage the bank's extensive reach and its knowledge of the region hence benefiting IFFCO Tokio’s effort of providing excellent service quality to the customers.” Also sharing his views on the IFFCO Tokio’s Barish Bima Yojna Mr. Kedia said, “Barish Bima Yojna aims to secure the livelihood of Indian farmers by reducing the risk and uncertainties faced by them from dependence on weather. Since the risk of deficiency in rainfall is a major hurdle being faced by the farmers in Chhattisgarh there is a high demand for IFFCO Tokio’s Barish Bima Yojna. On a pilot basis, we marketed an innovative weather product- Barish Bima Yojna with Normalized Difference Vegetation Index (NDVI) cover to 25 farmers in Ambikapur during Kharif 2009. It is basically a hybrid weather cum satellite imagery-based weather index, where claim settlement is done on the basis of a satellite image of foliage, type of soil and moisture data from satellite image along with rainfall data from the weather station. At IFFCO Tokio we are committed to serving the farmers with better products and services to ensure that they are protected from risks of any kind.”
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. This unique policy was launched by IFFCO-Tokio General Insurance in April 2005 in various districts of Chhattisgarh.
IFFCO TOKIO’s weather insurance product has been successful 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.