Barish Bima Yojna
With the agriculture industry contributing to 25% of Indi’s GDP & 2/3rd of the population’s livelihood is dependent on it; hence any adversaries to the industry can cripple the economy as a whole.
Therefore, Iffco Tokio Insurance has designed and created this policy to minimise the risks from anticipated deficiency in rainfall which affects crop yields.
- The farmer is given the flexibility of choice for the Insured Sum basing on his capacity to pay the premium
- The administration of the policy is transparent as source of information and data related to rainfall is with the Indian Meteorological Department (IMD) and is tamper proof
- Claims are settled quickly in 3 months time and documentation kept to a minimum for quick settlements.
How the Policy Works:
Based on Normal Rainfall (NR), Actual Rainfall (AR) and Weight Figures, Weighted NR & AR computed at end of each month of the policy cover.
The Cumulative Weighted AR is then compared to Cumulative Weighted NR numbers and if the resultant figure shows a deficiency percentage that is equal or greater to Claim Trigger, then output payable claim begins.
The Claim Trigger is the least value of deviation in actual rainfall compared to normal rainfall.
- The Insured is not required to keep track records of rainfall collection or data or patterns
- The actual rainfall figures are obtained from the IMD on regular basis
- The payout table and deficiency determine if a claim is payable and the Insured is informed accordingly.