The right policy to mitigate the risks of insured farmers
RWBCIS is the perfect cover for protection from abnormal weather causing losses to your precious crops.
Restructured Weather Based Crop Insurance Scheme from IFFCO Tokio offers coverage against various types of perils that may harm your crop. You must note down these perils in order to make sure that there are no issues later on:
Major Exclusions
1. We shall not be liable to make any payment to the Insured in connection with or in respect of any expenses whatsoever incurred by any insured arising out of deviation in Weather Index resulting from
2. We shall not be held liable to make any payment under this policy to the insured in case of loss or damage to crops, property or events arising directly out of the insured AOG perils such as Storm, Cyclone, Tempest, Typhoon, Hurricane, Tornado, Flood, Inundation, Earthquake, Tsunami, Hailstorm. However, in case, the insured AOG peril has caused any deviation in the Weather Index as mentioned in the term sheet of this policy, the company shall be liable to provide compensation as per the terms stated in the term sheet.
3. We shall not be liable to make any payment under this Policy in connection with or in respect of any expenses whatsoever incurred by any Insured in connection with or in respect of any event that leads to diminished agricultural or non-agricultural output/yield, or increased operational costs, howsoever caused, other than on account of a deviation in weather parameters as stated in the Schedule within a certain geographical location and specified time period.
4. Riots, Strike, Malicious Damage, Acts of Terrorism, Loss or damage, cost or expenses of whatsoever nature directly or indirectly caused by, resulting from or in connection with any action taken in controlling, preventing, suppressing or in any way relating to such action taken in respect of any act of terrorism shall be excluded.
5. War, war-like operations, act of foreign enemy, invasion of Indian territory or any part thereof, hostilities (whether war be declared or not), civil war, rebellion, revolution, insurrection, civil commotion, military or usurped power, or loot or pillage in connection with the foregoing, seizure, capture, confiscation, arrests, restraints and detainment by order of any governments or any other authority.
6. In case of cover granted for agricultural activities, insurance is not valid, if the land is not cultivated during the policy period.
7. Damage to property and contents due to pollution of any kind and any damage, injury, accident, disease or illness occurring before cover commences.
8. Consequential losses of any kind, by way of loss of profit, business interruption, market loss or otherwise and/or any other legal liability of any kind.
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.
Following are the different types of crops that are covered under this online crop insurance plan :
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.