State-owned Agriculture
Insurance Company of India Ltd currently licensed for crop insurance in the country, sought the regulator's approval to diversify into more agricultural and rural insurance products, a top company official said on Thursday.
The single product insurance company said it aims at offering "comprehensive" insurance solution for the rural population rather than restricting itself to crop insurance.
"We want to launch a comprehensive insurance policy and already applied with the Insurance Regulatory and Development Authority for their permission," AICIL chairman and managing director Malay Kumar Poddar said.
He was talking to reporters on the sidelines of The Bengal Chamber organised Rural Connect 2020.
Poddar said he expects the IRDA approval in the near future for rural comprehensive insurance product that will cover all areas related to agriculture, aquaculture, animal husbandry and farm equipment.
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He also expects to bring down the cost of crop insurance with the comprehensive policy by covering all risks of a farmer's livelihood.
AICIL offers crop insurance to West Bengal's tailored product after the state did not roll out the Pradhan Mantri Fasal Bima Yojana (PMBFY).
West Bengal agriculture chief advisor to the chief minister Pradip Kr Mazumdar said the state offers crop insurance free of cost to all farmers.
In PMFBY, a farmer has to bear the cost of 2 per cent of the sum assured while the rest is borne by the Center and respective state governments.
AICIL said during last Kharif crop in Bengal it had covered 35 lakh farmers in 15 districts.
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