An insurance scheme has been planned to provide coverage for paddy cultivation in seed paddy production farms, the Agricultural and Agrarian Insurance Board announced.
According to the Board, the scheme was formulated in response to requests made by farmers.
The insurance covers damages caused by floods, droughts, pest attacks, natural disasters, and wild elephant incursions. By paying a premium amount of Rs. 13,600 per acre per season, farmers will be eligible for compensation of up to Rs. 180,000 per acre.
The Board further stated that to obtain insurance coverage, seed paddy farms must be registered with the Seed Certification Service (SCS) of the Department of Agriculture.
The main objective of the scheme is to encourage seed paddy production and to retain farmers in cultivation, the Board added.
