The Agricultural and Agrarian Insurance Board has introduced a new insurance scheme aimed at protecting fruit farmers against risks associated with cultivation.
The scheme is being implemented by the Agricultural and Agrarian Insurance Board, which operates under the Ministry of Agriculture, Livestock, Lands and Irrigation.
Under the new programme, farmers can insure fruit crops recommended by the Department of Agriculture, including pineapple, papaya and banana.
Farmers can obtain insurance coverage by paying a premium equivalent to 7% of the basic insured amount.
The scheme covers crop losses caused by natural disasters, diseases, pests and insects, as well as damage caused by wild elephants.
In the event of crop damage, farmers will be eligible to receive compensation ranging from Rs. 300,000 to Rs. 400,000 per acre, the Agricultural and Agrarian Insurance Board claimed.
The main objective of the scheme is to help farmers manage agricultural risks and encourage them to remain engaged in fruit cultivation, the Board added.
