IFFCO-TOKIO launches plan for Haryana farmers

IFFCO-TOKIO General Insurance Co Ltd today announced claim disbursements worth Rs 13 lakh for its recently launched Barish Bima Yojana (BBY) for Haryana farmers.

The claim settlement ratio has been 203 per cent for a total premium of approximately Rs 6.5 lakh. The claims have been made by 42 farmers in the districts of Hissar, Jhajjar, Rohtak, Sonipat, and Mahendergarh in Haryana.

The policy received an overwhelming response from the farmers, when it was launched by ITGI in seven districts of Haryana during the kharif season 2006.

BBY provides insurance cover to farmers against damage to crops due to less rainfall. Referring to the success of the policy, N K Kedia, executive director, ITGI, said, "We are delighted to announce the success of the Barish Bima Yojana in Haryana. Our endeavour is to protect the farmers against unforeseen risks, and the achievement of the policy in the state is a proof of the same."

BBY is an index-based reinsurance driven product that caters to the needs of farmers as well as the state co-operatives in the country. The policy provides cover for anticipated deficiency in crop yield due to deficient rainfall during the monsoon months (June-September).

At the end of the policy period, the weighted Actual rainfall is compared to the weighted Normal rainfall and the graded claim payout is made as per the Claim Payout Table. The policy is sold as a Group Policy through Co-operative Societies, Co-operative Banks, NGOs, etc.

"ITGI with its unmatched products and service excellence will use this accomplishment to introduce the policy in other regions of the country," he added.

ITGI is a joint venture promoted by Indian Farmers Fertiliser Co-operative (IFFCO) and its associates and the Tokio Marine and Nichido Fire, the largest insurance company in Japan.