ICICI Lombard General to provide weather-based insurance for farmers

The largest private sector general insurer in India, ICICI Lombard General Insurance,  will provide weather-based crop insurance for the rabi season (2010-11) in eight states across the country.

ICICI Lombard GIC Ltd, the largest private sector general insurance company in India, will provide insurance cover to 39 districts in Madhya Pradesh, Bihar,Tamil Nadu, Karnataka, West Bengal, Chattisgarh, Jharkhand and Himachal Pradesh.

The major crops that ICICI Lombard would cover for rabi season (2010-11) are winter paddy, cotton, wheat, mustard, barley, maize, onion, potato, tomato, lentil, peas, arhar, jowar, fenugreek, coriander, cumin, methi, isabgol, brinjal, etc.

Weather-based crop insurance provides cover against weather-related risks faced by crops such as excess or deficit rainfall, variations in temperature and fluctuations in humidity.

This scheme facilitates immediate compensation based on certified data collected from independent third party bodies such as Indian Metrological Department (IMD) and National Collateral Management Services Ltd. (NCMSL). 

This transparent and objective method of claim settlement removes the need for carrying out field surveys. This makes the claim settlement a hassle-free process, as the beneficiary is not required to file a claim for loss to receive a payout.