Weather Insurance Product Launched
IFFCO-TOKIO General Insurance Co. Ltd. (ITGI) on Wednesday 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 product will be made available in Salem, Madurai, Cuddalore and Vellore districts during this month, said K. Venkatesan, Business Head of IFFCO TOKIO. IFFCO TOKIO had earlier introduced its first Weather Insurance Product- “Barish Bima Yojna” (BBY) for Kharif crops in four States in April 2004.
Since then IFFCO TOKIO was successful in spreading the distribution of its weather products to more than 200 districts insuring 2.11 lakh farmers and also paid claims to 36,300 farmers till date. It is the insurer’s responsibility to collect rainfall data on a regular basis. The insurer informs the insured on event of a claim and computes the claim amount as per the policy terms and conditions. Insured person has to submit a claim form.
Claims under this policy are settled within a period of 3 months of the expiry of the policy. Mr. Venkatesan expressed satisfaction at the spread and reaches of this product. “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,” he said.
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 purchase of fertilizer, named “Sankat Haran”.
