IFFCO-TOKIO settles farmer claims in Rajasthan

IFFCO-TOKIO General Insurance ( ITGI) has announced claim disbursement worth Rs 42.5 lakh for its recently launched Barish Bima Yojana (BBY) for the farmers of Rajasthan.

The claim settlement ratio has been 210% for a total premium of approximately Rs 20 lakh.

The claims have been made to 1,594 farmers in the districts of Jaipur, Dausa, Bharatpur, Alwar, Ganganagar & Hanumangarh in Rajasthan. The claim cheques were distributed in a function organised by the company in Raisinnagar, where Surinder Kumar Jakhar, Chairman, Indian Farmers Fertiliser Co-operative (IFFCO), was chief guest of the function.

The policy has got an overwhelming response from the farmers, when it was launched by ITGI in nine districts of Rajasthan during the Kharif season of 2006.

The Barish Bima Yojana provides insurance cover to farmers against damage to crop due to deficiency in rainfall.

Speaking at the occasion, Surinder Kumar Jakhar, chairman, IFFCO, said: "Working together, we have been able to provide a more secure and improved future for the farmers of Rajasthan and other states where the policy has been introduced."

Referring to the success of the policy, Ajit Narain, managing director & CEO, IFFCO-TOKIO General Insurance, said: "We are delighted to announce the success of the Barish Bima Yojana in Rajasthan. We want to protect the farmers of the country against unforeseen risks, and the achievement of the policy in the state is proof of the same. ITGI will use this accomplishment to introduce the policy in more regions of the country."

Barish Bima Yojana is an index-based reinsurance-driven product.