IFFCO-Tokio launches rainfall insurance

In a move to help the farmers affected by the vagaries of rainfall, the Indian Farmers' Fertiliser Co-operative (IFFCO)-Tokio General Insurance Company has launched the innovative rain fall insurance scheme.

In the state, the scheme will be launched in Rajkot and Amreli.

Under the insurance scheme, farmers get compensation for the loss they suffer due to the less rainfall during the farming season. In the initial stage, the scheme will be introduced in four states across the country.

While Rajkot and Amreli of Saurashtra are selected from Gujarat, in Maharashtra Nanded and Paramani have been selected. Cities in Karnataka and AP will also be covered under the rain fall insurance scheme, said Vikas Singh, product manager of IFFCO-Tokio Company.

Singh said that Rajkot normally receives rains between June to September. Under the scheme, if the actual rainfall is below 35 per cent of the average rainfall, a cultivator can claim for compensation from the scheme.

To make such claims, the rainfall figures from June to September declared by the government are treated as bonafied figures.

Compensation will be given to those farmers who have their farms within 100 km diameter of the selected centre.