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A unique rainfall and yield based insurance scheme for coffee growers was launched here today by the Minister for Statistics and Programme Implementation, Shri Oscar Fernandes. The cover has been prepared by the Agriculture Insurance Company of India Limited (AICIL) which has taken over the Government supported crop insurance programme i.e. the National Agricultural Insurance Scheme from April, 2003. Since then, the company has been launching farmer-friendly and risk-free insurance schemes including weather-based cover for the farming community of the country.
Launching the cover, Shri Oscar Fernandes said that the Government is committed to help the farmers in several ways to improve their living standards and provide security under the National Common Minimum Programme. He said, the Government will not stop with the insurance cover for coffee growers but evolve such schemes for other crops like cotton and sugarcane etc. Coffee being a global commodity, he said, India's dominance in the product must be sustained through such insurance covers, where the farmers feel fully secured and assured of returns. Insurance cover for agriculture cannot be understated, as it being an economic activity based on weather conditions. Designing and implementing appropriate insurance programmes for agriculture, is the need of the hour and a challenging task, he added.
The Chairman of the Company, Shri Suparas Bhandari said, that another unique feature of the scheme is, that the farmers who take up the cover need not go for claim. The farmers will be given compensation at a nominal premium of 2.5 per cent if the rainfall and the yield have not been upto the expectations. If the crop failed due to lack of rainfall, compensation would be paid on basis of the data available on per-hectare yield. Such hassle-free insurance covers will be gradually introduced for other crops, he said. The company hopes to covere over 1.8 crore farmers under its various schemes this year.
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