Restructured Weather Based Crop Insurance Scheme
India is predominantly an agrarian economy and the importance of agriculture for the economy could be gauged from the fact that it is considered a primary occupation in the country. Agriculture forms the backbone of our economy and is the biggest contributor towards the Gross Domestic Product. A large number of Indian citizens living in villages and rural areas depend on agriculture for sustaining their life.
In India, we face the situation of irregular weather conditions frequently, and if the weather conditions are adverse, then farmers would be staring at massive losses. For a farmer, crops are like their kids whom they nurture and cherish, so it is of prime importance to ensure its safety against the natural elements. While farmers may not have no control over the weather, but they can most certainly ensure that they do not suffer losses due to adverse weather conditions. This is where IFFCO Tokio’s Restructured Weather Based CropInsurance Scheme comes in.
IFFCO-TOKIO’s Restructured Weather Based Crop Insurance Scheme (RWBCIS) is the perfect balm to the malady of abnormal weather which causes losses to your precious crops.
What is Restructured Weather Based Crop Insurance Scheme?
At IFFCO Tokio, we are here to contribute towards the progress of the nation, andwithout 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, Oil seeds, 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.
Features of IFFCO Tokio Crop Insurance
Farmers Covered under the Scheme
In order to ensure that the maximum number of farmers can enjoy the coverage of IFFCO Tokio’s crop Insurance, we have included a vast category of farmers who are eligible under the scheme. You should also read and understand the below-mentioned categories, and if you are eligible for the scheme, you must opt for the coverage :
- All farmers who are working in a notified area and are growing a notified variety of crops, whether they are tenant farmers or share croppers, are eligible for coverage under the policy. But it is a pre-requisite that the farmers must have an insurable interest in the insured crop.
If the farmers are non-loanee, then they need to provide evidence of land records or appropriate contracts supported by relevant documents.
- Farmers who have availed Seasonal Agricultural Operations Loans from various financial institutions are mandatorily covered under the scheme
- If the farmers are non-loanee, it is up to their discretion if they want to avail the insurance coverage or not
Crops 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
Perils Covered under the Scheme
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.
- Wind Speed
- Relative levels of Humidity
- High Temperature and Low Temperature
- Excess Rainfall, Deficit Rainfall, Unseasonal Rainfall, Dry Spells, Dry Days, and Rainy days
- A combination of the above-mentioned weather conditions
- As an optional coverage, you can opt for protection against incidents of Hailstorms and cloudburst as well. It is only available if you have already taken coverage under Restructured Weather Based Crop Insurance Scheme from IFFCO Tokio.
The perils that have been listed above are indicative only and not exhaustive. It is up to our discretion to add or remove any other perils based on our discretion. So, you are advised to discuss the matter with our customer care representative.
Benefits of 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 adoptingthe 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.
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
a. Ionizing radiations or contaminations by radioactivity from any nuclear waste from the combustion of nuclear fuel; or b. The radioactive, toxic, explosive or other hazardous properties of any explosive nuclear assembly or nuclear component thereof, under this Policy.
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 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.
Who can apply for this Policy?
This Policy is suitable for all farmers (landlord, sharecropper or tenants) having landholding in the identified area.
Easy claims process
In case of a claim becoming payable based on the certified weather data, IFFCO-TOKIO will inform you of the same. The claim will be paid to you after the minimum documentation and verification formalities are completed.
**To understand exactly about the policy coverage, exclusions etc, please read the Policy Wording carefully.**