Crop Insurance in India and Company Details
What is Crop Insurance?
Crop insurance is purchased by agricultural producers, and subsidized by the federal government, to protect against either the loss of their crops due to natural disasters, such as hail, drought, and floods, or the loss of revenue due to declines in the prices of agricultural commodities.
Types of crop insurance policies
Crop insurance for major field crops comes in two types:
- Yield-based coverage that pays an indemnity (covers losses) for low yields.
- Revenue plans that insure a level of crop income, based both on yields and the prices that determine a crop’s value.
What’s covered, what’s not under Crop Insurance?
Over the years, the list of things that are covered in crop insurance has evolved to benefit farmers. Depending on what policies that the farmer opts for, both the personal and property need of the farmer may be covered. Following is a list of what’s covered and what’s not under such policies:
- Loss or damage to the property of the insured farmer
- Damage or loss caused due to fire or natural disaster (including storm, flood, tornado, earthquake, cyclone etc.)
- Coverage for personal accident. This includes the insured farmer and the farmer’s family members).
- Cover for loss of pump set
- Cover for damage/ loss of tractor
- Coverage for damage/ loss caused by power failure
List of companies which provide Crop Insurance:
Following are the list of General Insurance Companies which offer Crop Insurance Schemes:
- Reliance General Insurance Co. Ltd.
- Cholamandalam MS General Insurance Co. Ltd.
- Agriculture Insurance Company of India Ltd
- IFFCO-Tokio General Insurance Co. Ltd
- HDFC ERGO General Insurance Co. Ltd.
- ICICI Lombard General Insurance Co. Ltd
- Future General India Insurance Company Limited
- Bajaj Allianz General Insurance Co. Ltd
- Universal Sompo General Insurance Company Limited
- SBI
