Agriculture Insurance Company of India Limited (AIC), the leading implementing agency of Govt.’s flagship Crop Insurance Scheme Pradhan Mantri Fasal Bima Yojana, is now on an expansion mode offering Insurance Products in Livestock domain vide its Saral Krishi Bima and Sampoorna Pasudhan Kavach.

Saral Krishi Bima is a unique and comprehensive parametric insurance product hedging the Farmers against their economic losses suffered on account of adverse weather incidences as indicated by notified proxy weather parameters like Temperature, rainfall and relative humidity. 

Saral Krishi Bima has been launched in Kerala by Malabar Region of MILMA -MRCMPU (Malabar Regional Cooperative Milk Producers’ Union) in 6 Districts viz., Palakkad, Malappuram, Wayanad, Kozhikode, Kannur& Kasaragod.

As the summer months approach in Kerala, cattle farmers often face the challenge of decreased milk production in their livestock due to the rise in temperature. The heat stress experienced by cattle during hot weather can result in reduced feed intake, dehydration, and ultimately, decreased milk production. Recognizing this challenge, the Agriculture Insurance Company of India Limited (AIC) has introduced "Saral Krishi Bima" insurance product, which is designed to address the economic losses suffered by cattle farmers due to heat stress.

This insurance product will protect the cattle farmers against the pecuniary losses suffered on account of decreased milk production in cattle owing to rise in temperature during the summer months.  The daily maximum temperature is assessed vide Indian Meteorological Department’s Satellite Based Gridded Data. The temperature reading for 30 days within the risk period falling in April and May would be monitored and the claims would be paid based on the deviations in prefixed temperature triggers specific for each District. The maximum Sum Insured per cattle is Rs. 2000/- and the premium would be ranging from 4% to 5%. Approximately 15000 cattle would be insured under this scheme. 

The Sampoorna Pasudhan Kavach of AIC which covers the risks faced by Livestock Farmers on account of fortuitous Accidents, Disease & Disabilities is also being increasingly accepted by farmers across India.

IBISA, a leading Insure tech company and AIMS Insurance Brokers has played a vital role in rolling out this product for the cattle farmers by providing the necessary support by product designing and stakeholder facilitation in the implementation of the Scheme.

Milma State Chairman KS Mani, MILMA State MD Asif K Yusuf (IAS), MRCMPU MD, Dr.P.Muraly, Mr.Varun, Regional Manager Agriculture Insurance Company of India and Dr.P.R.Prasidha, State Head of Business Development, AIC were among those participated in the launch held in Thiruvananthapuram. 

ND

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