Scheme has been launched for the farmers of the Indian state of Orissa during the current kharif season
The Iffco-Tokio General Insurance (Iffco-Tokio) has launched Barsha Bima Yojana (BBY), a weather insurance policy for the farmers of Orissa, India, during the current kharif season. The scheme has been launched in five districts of the state on a pilot basis. The districts are Ganjam, Cuttack, Kendrapada, Khurda and Nayagarh – reported in Business Standard.
BBY generally covers the farmers as a group policy through co-operative banks and primary agriculture cooperative societies (PACS). Individual farmers can also buy this policy, said the company.
The farmers are intended to gain from the product as the state is visited by either flood or drought at regular intervals. With the introduction of BBY in Orissa, this insurance product of the company is now available in 11 states.
A K Mishra, Orissa State Head of the Private General Insurance Company, said: “We will extend the policy to other districts subsequently based on the response from farmers. It provided protection to farmers against anticipated crop loss due to either excess or deficiency of rainfall depending upon the geographical locations, weather conditions and crop requirements of a specific region.”