Gic Indemnity Insurance
Gic Indemnity Insurance
Agricultural insurance – a mechanism for effective monitoring of non-performing assets of the Central District Cooperative Banks in India
INSURANCE AGRICULTURAL – Effective CONTROL MECHANISM non-performing assets in the central cooperative banks OF INDIA
All project plans and Agriculture are under performance risks. As they are very reliable in the open air, the monsoons, rains and other natural disasters amount risk is unpredictable. In India, most farmers are unaware insurance schemes and agricultural schemes provided by government to mitigate the loss of agriculture. If there is no loss due to natural disasters that require only the advantage of depreciation Farm Credit. No use of mitigation mechanisms easily available to protect against unexpected losses. This article provides a basic understanding of the mechanism of insurance available to mitigate the risks in agriculture.
Risks for agriculture:
Five major types of risks are identified. They are:
1.Production risk – resulting from uncertain natural growth processes of crops and livestock.
2.Price or market risk – refers to the uncertainty on the prices received for products.
3.Finanacial risk – interest rates rise, the prospect of loans called by the lenders and credit availability are also restricted aspects of financial risk.
4.Institutional risk – Because of uncertainty accumulated by government actions.
5.Human or personal risk – refers to factors such as health problems or personal relationships that may affect the operation.
Among the insurance products, farm crops, we considered most important. Among other types of livestock, poultry, equipment used for agriculture, etc.
Insurability of agricultural insurance:
Agricultural insurance policy to set certain conditions for insurability of the policy. These include:
1.The cause the loss of economic risks for farmers covered by the policy.
2.The loss can be specifically expressed in monetary terms.
3.The risk of loss in future can be estimated by analyzing historical data.
4.The loss should be minor or negligible.
5.The insured farmer must have the financial pay the amount of raw or should be eligible for government assistance.
Types of crop insurance scheme:
The different types of risks, which are covered under the policy, include crop losses due to:
Natural fire and lightning, storms, hail, cyclones, typhoons, etc., floods, floods and landslides, the drought, drought, pests and diseases, etc.
Categories of farmers covered by the scheme:
The category of farmers covered by the policy are:
1.All farmers increasingly aware of cultures and the use of seasonal agricultural loans of financial institutions are covered mandatory. This category refers loanee farmers.
2. All other farmers growing notified crops opting for the scheme are covered on a voluntary basis.
Amount warranty:
Farmers are also allowed to provide their crops with higher value of performance.
Levels of remuneration:
Compensation under the scheme depends on the nature of risk. The system identifies three types of risks namely., Low risk, medium risk and high risk. If the change in yield is 14 percent or less are considered low risk. If the change in yield is 16-30 per cent, which is known as high risk. Three levels of compensation are available namely 90%, 80% and 60% for low risk.
SETTLEMENT OF CLAIMS UNDER Crop insurance:
Claims arising from losses arising from national systems of crop insurance are shared by the Executing Agency (Corporación Agriculture Insurance in India) and proportion of government. This exchange takes place over a period of five years until the actuarial rate to achieve in practice. In the case of food crops and oilseeds, claims beyond 100% of the premium will be borne by the government. All the normal appropriations is that claims up to 150% of the premium will be achieved by the application.
Sum insured
Farmers are also allowed to ensure their high-value crops beyond the level of performance.
Pay Levels
Compensation under the scheme depends on the nature of risk is low risk, medium risk and high risk. If the change in yield is 14 percent or less are considered low risk. If the change in performance is 16-30 percent, which is called "medium risk" and above 30 percent so-called high risk. Three levels of compensation are available ie 90% 80% and 60% for low risk.
SETTLEMENT claims under crop insurance:
Claims resulting losses in the national system of crop insurance are shared by the executing agency (Agriculture Insurance Corporation of India) and the Government proportionately. This exchange is done by a period of five years until the actuarial rate to achieve in practice. In the case of food crops and oilseeds, claims in excess of 100% premium will be borne by the government. All the normal requests, ie claims up 150% of the premium will be received by the executing agency and claims beyond 150% will be paid for an exposure period of three years. After period of three years, claims to be 200% borne by the implementing agency and any claim of this fund will be covered corpus.
Executing Agency pays the claims for normal annual losses to crops or horticulture. This includes requests from 150% of the premium in the first three years and 200% of the premium infringement claims there are, after a satisfying experience. The claims in excess of 150% of the premium in the first three years and 200% of the premium is not paid after leaving the fund corpus a period of three years. After this period of three years, claims up to 200% will be borne by the organization and implementation of all claims above that will be received outside the fund corpus. Executing Agency will pay for claims in the case of normal annual crop losses or horticulture. This includes requests up to 150% of the premium in the first three years and 200% of the premium claims submitted after this experience satisfactory. The claimant in excess of 150% of the premium for the first three years and 200% of premium thereafter will be paid with fund corpus. However, the period of three years referred to this effect are discussed based on financial results after the first year of implementation. The deadline has been extended to five years if necessary.
Crop insurance pilot schemes
The first experimental program of crop insurance introduced in 1978-79. This system worked until 1985, when the rate of crop insurance against all risks to take. The nine states where pilot projects have been implemented were Andhra Pradesh, Tamil Nadu, Madhya Pradesh, Bihar, Maharashtra, Assam, Karnataka and Rajasthan.
National Insurance Scheme (NARS)
(Rashtriya Krishi Bima Yojana-RKBY)
The objectives of the system:
Ø Provide insurance coverage and financial support to farmers in case of failure, the crops have been reported following natural disasters, diseases and pests.
Ø Promote farmers to adopt progressive farming practices, high value inputs and high technology in agriculture.
Ø help stabilize farm income, especially during the years in disaster.
RISKS COVERED
Under the plan, insurance overall risk is expected to cover yield losses due to non-preventable risk, ie.
a. natural fires and lightning
b. The storm, hail, hurricanes, typhoons, storms, hurricanes, tornadoes, etc.
C. Floods, landslides and floods.
d. Pests and diseases etc.
PREMIUM SUBSIDY
A 50% subsidy of the premium is allowed to small and marginal farmers, which will be shared equally by the Central Government and State Government or Union territory.
Pilot Crop Insurance seed (PSSCI)
Objectives system:
Ø To ensure financial security and income stability for producers of seed in case of failure of seed crops.
Ø To increase confidence in the existing seed producers and promote the participation of producers to produce new programs for seed production the newly released hybrid / improved varieties.
Or to provide stability to the infrastructure put in place by the seed of the State enterprises / AIS.
Ø To give impetus to the modern seed industry by making under scientific principles.
The allowance is based on graduated scales are as follows:
Or failure of seed harvesting in a year and a half and seedling harvest until harvest, compensation will be 80% of the coverage on the surface dismissed.
Ø No seeds after a year and a half planting and harvesting until harvest, compensation will be 80% of the coverage on the surface dismissed.
Damage to the harvest of seeds harvested due to the operation of the dangers mentioned above while lying on the ground, but before removing the ground for transport to the plant processing are covered by the plan.
FARM INCOME INSURANCE SCHEME:
The program objectives are:
Ø Provide financial support to farmers for loss of income of the negative impact of crop yields (due to natural disasters, pests and diseases) and price fluctuations market.
Ø To encourage farmers to adopt progressive farming practices and prudent in terms of agricultural technology and the market economy.
Ø To improve food security and livelihood of the farming community.
Ø To help stabilize farm income, especially diseaster in years.
Sum insured
The sum insured is calculated on the basis of a guaranteed income per hectare:
Guaranteed Income (Ha) = average yield of 7 years * minimum support level of compensation * Price (MSP) or the current year.
Grant Premium
Ø Small and marginal farmers: 75% Bonus
Ø Other farmers: 50% Bonus
RURAL INSURANCE PLAN: Insurance Livestock
COVERAGE:
The insurance offered to protect owners of animals above all natural hazards and to compensate the animal owners during the disaster. Insurance coverage can be obtained by pouring small amounts regularly called company quality assurance. Therefore, insurance policy to a significant loss of livestock occurred some are shared by the insurance company to protect the owner.
Amount of guarantee:
The sum insured varies by type and category of animals such as cows, buffaloes, race, purebred or mixed. The amount also depends on age, sex and animal health.
POLICE INSURANCE POULTRY
The average domestic poultry birds raised for eggs, meat or feathers, and includes chickens, ducks, geese, turkeys, insurance, etc. The policy provides compensation for the death of poultry birds due to accident or illness. The policy covers death due to fire, flood storms, earthquakes, etc. The term includes segments of poultry, chickens and parents.
ACCIDENT PERSONAL SAFETY plan insurance nets for poor families:
The system has been introduced by the central government with a vision for the rehabilitation of poor families affected by the death of its members that victory is not covered by the indemnity under any insurance or any law / statute. The program is managed by GIC and its subsidiaries, in coordination with the governments of respective states. Now, the public sector enterprises and state governments are managing the system. occurs first only in some districts.
Sericulture insurance (SilkWorm MULBERRY CROP)
The scheme applies to univoltine / bivoltine / cultures purebred or hybrid silkworm mulberry. The program covers the egg worm to say bud, from the time the eggs are purchased by farmers until the cocoons are harvested.
Market Agreement aquaculture (shrimp) INSURANCE SCHEME
The scheme applies to weapons or duly authorized operations in accordance with the Notification of Government of the growth of brackish water shrimp / Freshwater shrimp by extensive / modified extensive / semi-intensive one.
Honey Bee INSURANCE
Insurance hive cover and / or colony belonging to cooperatives. Colonies of bees of the Indian bee Italian bee and be covered by the plan. Covers accidental loss or damage to the hives and / or colony, including terrorism. Pay an additional premium which may also cover theft. Politics may be approved by the cooperative societies, banks (for members), loans, units etc. The scheme provides both the coverage coverage of basic and complementary. The bee insurance policy will pay 80% of the amount claimed by considering the total cost.
ASSURANCE RABBIT
Insurance is available for rabbits, which were aged between 3 months and 3 years. The premium is payable at 7% of the sum insured per year.
ELEPHANT INSURANCE
Elephants are ranked for the temple elephants and others. Temple elephants include those aged between 5 and 60 years. The premium for this category has a cost of 4.50% of the sum insured. The other category includes persons aged between 5 and 60 years and over 60 years 65. The annual premium is 5.00% and an additional premium of 0.5% is charged for each additional year.
SHEEP AND GOAT OF INSURANCE
Sheep and goats insurance coverage procedures and policies are almost the same as the livestock policy. The insured amount and the amounts of compensation are the same as the insurance policy for livestock.
HOG INSURANCE
The poor tend to breed pigs and therefore insurance policy is material. In India, Uttar Pradesh is the largest position in the production of pork. Insurance coverage is available for people who buy pigs in IRDP schemes.
CAMEL INSURANCE
Camel insurance becomes relevant in places where they are used for various types of project work. Camels are used for transport in the warm, dry and sandy. quarter of the world population of camels is a India and therefore the policy is meaningful in the country. The policy excludes all ordinary risks covered by the insurance policy for livestock.
AGRICULTURAL INSURANCE pump set
Agricultural pump set the insurance policy is applicable to sets and sets of centrifugal pump submersible pump. The maximum mounting of the pump is covered by the policy is 25 HP This policy provides coverage only sets that are used for agricultural purposes and are manufactured by manufacturers allowed.
Farmers indigenous perspective
1. The premium paid is not refundable. So I think it is a waste of money.
2. Government agencies did not educate them properly.
3. They believe that it is in the interest of government and insurance companies.
4. They believe that the premium is not affordable.
5. They believe that the responsibility of government to erase their losses.
6. They think the government should assume the responsibility of every year.
7. They estimate that crop losses are impossible to mitigate.
Thus, most borrowers agricultural credit are not used for payment. It accumulates the delays, and ends in non-performing assets for banks to District Central Cooperative (Futures British Columbia) in India. To save the government agencies must submit Futures British Columbia to educate the needs and uses of available insurance plans Agricultural and plans to mitigate risks. All these facilities should be simplified and I premiums be affordable for poor farmers. This will certainly reduce or spread the risk of loss to the government and poor farmers in India. "This will be an effective mechanism in controlling DCCSs nonperforming assets India. "
About the Author
Dr.A.Oliver Bright, Dr.S. Maria John.
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