Apply For Crop Insurance

Please Choose the best suitable crop insurance as per your income and get amazing facilities with these insurances.

Bajaj Allianz Crop Insurance

INSURANCE TYPE

Crop Insurance

INSURANCE OFFERS

Maximum Bonus

MONTHLY INCOME

₹NA

HDFC Ergo Crop Insurance

INSURANCE TYPE

Crop Insurance

INSURANCE OFFERS

Maximum Bonus

MONTHLY INCOME

₹NA

ICICI Lombard Crop Insurance

INSURANCE TYPE

Crop Insurance

INSURANCE OFFERS

Maximum Bonus

MONTHLY INCOME

₹NA

Tata Aig Crop Insurance

INSURANCE TYPE

Crop Insurance

INSURANCE OFFERS

Maximum Bonus

MONTHLY INCOME

₹NA

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. The two general categories of crop insurance are called crop-yield insurance and crop-revenue insurance. On average, the federal government subsidizes 62 percent of the premium. Crop Insurance is a comprehensive yield-based policy meant to compensate farmers’ losses arising due to production problems. It covers pre-sowing and post-harvest losses due to cyclonic rains and rainfall deficit. These losses lead to reduction in crop yield, thus, affecting the income of farmers. In India, crop insurance is offered in the form of Pradhan Mantri Fasal Bima Yojna. 

HOW CROP INSURANCE FUNCTION

  • Policy seeker can get his food crops, oil seeds, annual commercial crops insured under crop insurance by submitting the required documents and paying the premium accordingly
  • But one must choose a policy after evaluating the risks and comparing the different policies and companies
  • Sum insured will be decided on various factors, such as the type of crop, location, and calamity years in that area and historical yield data
  • In case of crop loss, the insured needs to intimate the insurance company or local agriculture department within 72 hours of calamity
  • Claims under crop insurance are done on the basis of localised losses, post-harvest loss, mid-season calamity and wide spread calamities. Hence, the pay-out will be calculated taking factors like weather and yield per hectare

ELIGIBILITY CRITERIA

  • Crop Insurance can be availed by the farmers including share croppers and tenant farmers provided they are growing the notified crops in the area
  • Non-Loanee farmers are also eligible to avail benefits under crop insurance upon providing land documents
  • Two more categories are identified in which the farmers can receive the perks. These are also called Types of Coverage Components and they are:

Compulsory Component: If farmers have applied for Seasonal Agriculture Operations (SAO) credit or loans from the financial institution for the notified crops, they will be covered compulsorily

Voluntary Component: Crop Insurance is option for those farmers who fall under non-loanee farmers. If they wish to, they can register and avail benefits from the government scheme

DOCUMENTS REQUIRED

Some of the key documents that are required by the farmers to make claims under crop insurance are mentioned below:

  • Duly completed claim form
  • Land Registration Papers or Land Patta Number
  • Land Ownership Documents
  • Card
  • Personal Identification Proof like ration card, PAN Card, and/or voter card
  • Bank Account Details
  • Sowing Declaration
  • Claim Reimbursement Form or the Application Form

ADVANTAGE OF CROP INSURANCE

Let us look at some of the advantages of buying crop insurance:

  • Provides financial support to farmers thus, covers crop loss and damage arising out of unforeseen events
  • Tax exemption on the premium paid by the farmers against the purchase of the crop insurance policy
  • Farmers would get peace of mind as they don’t need to take loans from private lenders at higher interest rates
  • Encourages farmers to adopt modern and innovative agriculture practices that further increase their personal income
  • Economy of the country will get strengthened as farmers can repay loans with the reimbursement received from the crop insurance

PRADHAN MANTRI FASAL YOJNA

Pradhan Mantri Fasal Bima Yojna is a crop insurance scheme sponsored by the Government of India. The policy was launched in 2016. It aims to provide financial aid to farmers in case of crop loss or damage. Thus, it helps to reduce farmers’s stress and keep them motivated to continue with farming as an occupation.

The risks covered in the scheme include prevention of sowing or planting of seeds, damage to the standing crop due to non-preventable risks like drought, flood, landslide, etc. along with post-harvest losses. This policy can be purchased from a selected set of insurance companies like SBI General Insurance and HDFC Ergo General Insurance.