Ministry introduces affordable crop insurance scheme for farmers

The Ministry of Agriculture, Livestock, Lands, and Irrigation has introduced a concessionary insurance scheme for key field crops, in a move to strengthen agricultural risk management.

The scheme covers crops such as black gram, green gram, cowpea, peanuts, finger millet (kurakkan), sesame, and horse gram (kollu), the Ministry noted.

Under this initiative, farmers cultivating cowpea can insure one acre by paying Rs. 4,200, and in the event of natural disasters, pest or disease damage, or destruction caused by wild elephants, they will be eligible to receive a compensation of Rs. 60,000 per acre.

Similarly, farmers cultivating green gram can pay Rs. 5,600 per acre for insurance, and claim up to Rs. 80,000 per acre as compensation in case of damages, the Ministry stated.

This special insurance scheme has been introduced particularly for districts prone to wild elephant threats, ensuring farmers receive compensation for damages incurred due to such risks.

According to the Ministry, the aim is to provide financial protection and stability to the farming community, thereby encouraging continued agricultural productivity.