Weather Based Crop Insurance Scheme

The Union Minister of Agriculture has accorded and issued administrative approval for Weather Based Crop Insurance Scheme (WBICS) for Rabi-2014-15 season. The Agriculture Insurance Company (AIC) of India Limited would be the implementing agency of WBICS in District Solan for Tomato crops and ICICI Lombard GIC Ltd. will be the implementing agency in district Kangra for Rabi Potato crops.

Weather perils as frost, chill, low or high mean temperature, wind, scanty or excess rain-fall etc. which were likely to cause adverse weather incidence leading to crops loss would be covered under the scheme. The premium rates for tomato and potato crops have been calculated by AIC India Ltd. using standard premium methodology and were 11.5 percent for both the crops. As per premium sharing and subsidy was concerned 50 percent of the total premium would be payable by insured cultivator and the balance shall be borne by the Centre and the State Government on 50:50 basis.

Lead Banks, the Co-operative Banks, AIC of India Ltd. which are the implementing agencies would take necessary action to ensure the implementation of the scheme in the State in the right perspective. The scheme would operate on the principle of ‘Area Approach’ in the selected notified Reference Unit Areas.

The cut-off dates for accepting the crop insurance proposal from non-loanee farmers are 10th March, 2015 and for loanee farmers it is 15 March, 2015 for Tomato crop and for Potato crop the cut off date for loanee farmers is 05 January, 2015 and for Non Loanee farmers 31st December, 2014. He said that no insurance coverage was allowed once this date was over.

The banks would ensure that the claims are released / disbursed to the beneficiaries within a fortnight from the date of receipt of claims from the implementing agencies.

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Rahul Bhandari is Editor of TheNewsHimachal and has been part of the digital world for last 15 years.