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Crop Insurance Overview

Crop insurance is purchased by agricultural producers. The policy is subsidized by Indian government. Crop insurance policies are designed to offer protection against either the loss of crops due to natural disasters, such as drought, hail, and floods etc, or the loss of income due to declines in the prices of agricultural commodities. The new Crop Insurance Scheme in India is corresponding to One Nation – One Scheme idea. It is integrated with the best features of all preceding schemes and simultaneously, all previous weaknesses/ shortcomings have been removed. AIC, Agriculture Insurance Company of India Limited has taken over the execution of NAIS, National Agricultural Insurance Scheme. This policy was implemented until FY 2002-03 by General Insurance Corporation of India. Furthermore, Agriculture Insurance Company of India Limited (AIC) also carries out other insurance businesses directly or indirectly regarding agriculture and its associated activities.


The Highlights of Crop Insurance Policy

• Farmers will have to pay a uniform premium of only 2% to for all Kharif crops
• A uniform premium of 1.5% is to be paid for all Rabi crops
• Farmers will have to pay only 5% premium in case of horticultural and annual commercial crops.
• The premium rates that have to be paid by farmers are very low.
• The Indian Government will pay the balance premium to provide complete insured amount to the farmers against the loss of crop due to natural calamities.
• There is no upper limit on Government subsidy.
• The Government will bear the entire cost even if the balance premium is 90%.
Previously, there was a provision of capping the premium rate under this policy. This basically resulted in the payment of lower claims to the farmers. This capping was primarily imposed to border Government outgo on the premium subsidy. However, the capping system has been removed. Now the farmers will get claim against full Sum Insured without any reduction.


National Crop Insurance Programme (NCIP)

The Central Sector Scheme, National Crop Insurance Programme (NCIP) is formulated by merging the followings:
• Weather Based Crop Insurance Scheme (WBCIS)
• National Agricultural Insurance Scheme (NAIS)
• Coconut Palm Insurance Scheme (CPIS)
• Modified National Agricultural Insurance Scheme (MNAIS).
National Crop Insurance Programme came into power from Rabi 2013-14. It covers all the districts in the country. Notified by the concerned state, Loanee farmers are covered on compulsory basis under the National Crop Insurance Programme (NCIP). Non-loanee farmers will have to choose either WBCIS or MNAIS component. Private sector insurance provider with sufficient experience and infrastructure will be permitted to employ NCIP besides Agriculture Insurance Company of India (AlC).


How Can GIBL Help You With Crop Insurance Online?

GIBL serves as the best online insurance distribution site, where you can get all your insurance needs fulfilled instantly, at an affordable price. You can instantly get crop insurance through GIBL without any hassle. All you will be needed to do is log visit our site and opt for the policy online.

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