How to cancel the policy?
The policy can be canceled by the company on grounds of fraud, moral hazard or misrepresentation or non-cooperation by sending 15 days' notice. In such an event, IFFCO-Tokio will return to the insured, except in case of fraud or illegality, the premium paid less the pro-rata portion thereof for the period the policy has been in force. Insured may also cancel this policy by sending 15 days' written notice. The company will then allow a refund after retaining the premium based on specified rates.
What is Restructured Weather Based Crop Insurance Scheme?
At IFFCO Tokio, we are here to contribute towards the progress of the nation, and without ensuring the progress of our farmers, our country cannot progress.
Driven by this motivation, we have introduced the Restructured Weather-Based Crop Insurance scheme. This crop insurance online is aimed at mitigating the hardships faced by farmers on account of losses due to anticipated adverse weather conditions such as rainfall, temperature, wind speed, humidity, etc. This scheme covers all major crops including grains, pulses, cereals, Oilseeds, fruits, vegetables, cash crops, and medicinal crops.
For Government-sponsored weather insurance schemes the perils to be covered would be as per the Government notification and any addition/deletion of perils can be considered.
Which crops are covered under the Scheme?
Following are the different types of crops that are covered under this online crop insurance plan :
- Food Crops. (Cereals, Grains, Millets, Pulses)
- Horticultural and Commercial Crops.
What are the benefits of buying the Restructured Weather Based Crop Insurance Scheme?
Now that you have understood the various aspects of the coverage offered by our crop insurance, let's have a look at the various benefits that you will enjoy the coverage:
Safety against losses: Our crop insurance scheme offers the farmers protection against natural elements which led to crop failure and as such ensures stability in their income. Now there is nothing such as a failed crop; if there are any losses suffered by you due to the perils mentioned above, we will reimburse the insured farmers for the losses.
Minimal Premium: In order to support the initiative of the Government of India to offer a source of support to farmers, we have fixed the premium for this crop insurance online at a minimum value as prescribed by the government
Strengthening of Economy: Even in cases of crop failures, farmers can easily repay their loans to banks or co-operatives with the reimbursement received from this online crop insurance. This reduces the instances of bad loans and strengthens the financial sector of the country.
Advancement of Agricultural techniques: As the economic interests of the farmers are well protected in case of any weather-related crop loss, they can focus their energies on adopting the latest agricultural techniques, and this would further help in enhancing their income.
Freedom from the vicious circle of Debt: When a farmer is insured against any possible economic losses, he need not take any high-interest loans from village money lenders. This offers him a chance to be free from the vicious circle of debt.
Less Dependence on Government: Now in case of crop failure, farmers need not wait for the government representatives to come and help them. With IFFCO Tokio’s crop insurance online, farmers will be reimbursed by our company in the event of a valid claim. This significantly speeds up the claim process.