To be known as the Unified Package Insurance Scheme (Bhartiya Krishi Bima Yojana), the policy would flaunt nine features with mandatory crop insurance. However, farmers have to choose at least four other features to avail subsidy under crop insurance section, according to a draft prepared by the Finance Ministry.
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 aims at providing financial protection to farmers, thereby ensuring food security, crop diversification and enhancing growth and competitiveness of agriculture sector besides protecting farmers from financial risks, says the draft.
Also Read
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, it said.