Centre to launch 'unified' insurance product for farmers

Mumbai: The Central Government is planning to launch an all-in-one insurance scheme for farmers called the Unified Package Insurance Scheme (Bhartiya Krishi Bima Yojana). The proposed scheme will have various features like crop insurance, health cover, personal accident insurance, live stock insurance, insurance cover for agriculture implements like tractors and pump sets, student safety insurance and life insurance. The aim of the scheme is to protect farmers from financial risks, ensure food security, promote crop diversification and enhance growth and competitiveness of agriculture sector. The scheme will be implemented through a multi-agency framework under the guidance and control of Union agriculture & cooperation department, and the states concerned in coordination with various other agencies like commercial banks, cooperative banks and regional rural banks. The scheme would be offered through general insurers and will have a one year cover. The policy will protect farmers from losses occurring due to unforeseen events and provide insurance to personal assets of farmers like the dwelling, milch cattle, pump-sets and tractors. It will also provide protection to farmers and their family members in case of accidental death.       

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.