Unified Package Insurance Scheme (Bhartiya Krishi Bima Yojana) has 9 insurances in it
Q. A pilot project Unified Package Insurance Scheme (Bhartiya Krishi Bima Yojana) would soon be launched. Which of the following insurances are parts of it?
1) Crop Insurance
2) Cattle Insurance
3) Student safety Insurance
4) Life Insurance- Published on 07 Mar 16a. 1, 2, 4
b. 1, 3, 4
c. 2, 3, 4
d. All of the above
ANSWER: All of the above
- 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 proposed policy packages various products like crop insurance, health cover, personal accident insurance, livestock/cattle insurance, insurance cover for agriculture implements like tractors and pumpsets, student safety insurance and of course, life insurance.
- 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.
- The cover will be for one-year except for agriculture insurance (which will be bi-annual separately for Kharif and Rabi crops) and will be renewable from year to year.
- The policy is designed to take care of the insurance needs of farmers associated with agriculture activities and it also provides yield based crop insurance to the farmer based on his ownership rights of land and sown crop, says the draft.
- Apart from covering both the personal assets of farmers like the dwelling, it also contains other assets which help him earn a living such as milch cattle, pump-sets and tractors.
- The policy also provides protection to farmers and their family members in case of the accidental death/disablement, hospitalization due to illness and accidental insurance protection of their school/ college going children and providing for education fee to students in case of death of the parent. Moreover, it provides life insurance cover to farmers and their family members, says the draft.
