Which statement is correct about Varsha Bima Scheme .
- Varsha Bima, the rainfall insurance scheme, is managed by the Agriculture Insurance Company of India Limited (AICIL).
- The scheme was introduced during the 2007 south-west monsoon period.
Which of the statements given above is/are correct?
- I only
- II only
- Both I and II
- Neither I nor II
I only is correct
Varsha Bima, the rainfall insurance scheme, is managed by the Agriculture Insurance Company of India Limited (AICIL)
In 2004, during the South West monsoon period, Agriculture Company of India Ltd. introduced the “Varsha Bima”, it is a rainfall insurance scheme. This scheme provided for 5 different option suiting varied requirements of farming community these are
- Seasonal rainfall insurance based on aggregate rainfall from June to September
- Sowing failure insurance based on rainfall on aggregate rainfall from June to September
- Rainfall distribution insurance with weight assigned to different weeks between June and September
- Agronomic index constructed on the basis of water requirements of crops at different pheno-phases,
- Catastrophe option, covering extremely adverse deviation of 50% and above in rainfall during the season.
Varsha Bima has been piloted in 20 rain-gauge area spread over Andhra Pradesh, Karnataka, Rajasthan and Uttar Pradesh. A total of 1050 farmers were covered with a premium income of Rs. 6.12 lac against a sum insured of Rs.2.62 crore. Claims of Rs.5.63 lac were paid.