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Centre to launch ‘unified’ insurance product for farmers

News:

  • Narendra Modi-led government is planning to unveil an exclusive all-in-one insurance product for the farming community as part of its ongoing social security scheme.
  • To be known as the Unified Package Insurance Scheme (Bhartiya Krishi Bima Yojana), the policy would flaunt nine features with mandatory crop insurance.
  • The draft report is at discussion stage with all the key stakeholders.
  • The move comes following the successful launch of mass banking, insurance and pension products over the past one year and amidst increasing reports of more and more farmers ending their lives due to indebtedness and other socio-economic issues.
  • The scheme would be offered/ administered through general insurers on similar terms which are applicable on other social security covers with necessary approvals and allocation of area.
  • The scheme shall be implemented through a multi-agency framework by implementing agency under the overall guidance and control of the Union agriculture & cooperation department.

Source:ET

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