Kribhco selects Bajaj Allianz to provide insurance to farmers

Krishak Bharati Cooperative Ltd (Kribhco), major producer of fertilisers in the cooperative sector, has selected Bajaj Allianz General Insurance to offer insurance cover to their customers.

The cover brand, Sankat Haran Bima Yojana, offers personal accident cover to the farmers who buy Kribhco urea, which is produced at its Hazira plant, from Kribhco outlets or cooperative societies.

The yojana also provides a compensation of up to Rs 4,000 per 50-kg bag of fertilisers to the purchasers of Kribhco urea in the event of injury causing permanent disablement or death.

The overall benefit to an individual farmer is capped at Rs 1 lakh.

Talking about the tie-up, Kribhco Marketing Director V P Singh said, "We believe in giving our best to the farmers who use our urea. Dealing with an accident is a big emotional trauma for them. Therefore, we want to mitigate at least their financial losses during the time of mishaps."

He added, "Bajaj Allianz General Insurance has the right infrastructure to administer the scheme that is why we have chosen them."

Kamesh Goyal, CEO, Bajaj Allianz General Insurance, said, "Farmers have always been placed at the core of the agrarian economy. Through this innovative association with Kribhco, we are trying to bring these farmers under the insurance umbrella."

Bajaj Allianz garnered a premium of Rs 1,000 crore in January 2006, in a single year, which is commendable as the company could do it in a short period of time.