Crop Insurance
CROP INSURANCE: A Tool to save Farmers from Calamities
EXECUTIVE SUMMARY
Crop insurance is one of the various types of insurance that are offered to the people. This insurance is directed to the farmers and agriculturists.
This Crop insurance scheme has been going on since the time of Kharif
1985. This insurance offers financial assistance for risk management in agriculture. This insurance policy is a relief scheme for the farmers whose crops get spoiled during natural catastrophe. The insurance amount that is offered to the farmers is equal to the loan amount that has been disbursed to them. A certain amount of premium is charged against the crop insurance.
The loss that is incurred due to natural calamities is met by the
Government of India. It is to be noted that the insurance covers only one crop. The crop insurance does not cover financial assistance to multiple crops. Crop insurance services are offered to the farmers for better production of the crops and introduction of modern technologies. Top quality services are rendered to the farmers and clients. The risk factor that is involved with the production of the crops has reduced much because of the introduction of this insurance policy.
Lala Lajpatrai College of Commerce and Economics
1
CROP INSURANCE: A Tool to save Farmers from Calamities
INSURANCE IN INDIA
What is insurance?
We face a lot of risks in our daily lives. Some of these lead to financial losses. Insurance is a way of protecting against these financial losses. For a payment (premium), an insurance company will take the responsibility of compensating your financial losses.
Insurance in its basic form is defined as “ A contract between two parties whereby one party called insurer undertakes in exchange for a fixed sum called premiums, to pay the other party called insured a fixed amount of money on the happening of a certain event."
What is General Insurance?
Insurance other than ‘Life
EXECUTIVE SUMMARY
Crop insurance is one of the various types of insurance that are offered to the people. This insurance is directed to the farmers and agriculturists.
This Crop insurance scheme has been going on since the time of Kharif
1985. This insurance offers financial assistance for risk management in agriculture. This insurance policy is a relief scheme for the farmers whose crops get spoiled during natural catastrophe. The insurance amount that is offered to the farmers is equal to the loan amount that has been disbursed to them. A certain amount of premium is charged against the crop insurance.
The loss that is incurred due to natural calamities is met by the
Government of India. It is to be noted that the insurance covers only one crop. The crop insurance does not cover financial assistance to multiple crops. Crop insurance services are offered to the farmers for better production of the crops and introduction of modern technologies. Top quality services are rendered to the farmers and clients. The risk factor that is involved with the production of the crops has reduced much because of the introduction of this insurance policy.
Lala Lajpatrai College of Commerce and Economics
1
CROP INSURANCE: A Tool to save Farmers from Calamities
INSURANCE IN INDIA
What is insurance?
We face a lot of risks in our daily lives. Some of these lead to financial losses. Insurance is a way of protecting against these financial losses. For a payment (premium), an insurance company will take the responsibility of compensating your financial losses.
Insurance in its basic form is defined as “ A contract between two parties whereby one party called insurer undertakes in exchange for a fixed sum called premiums, to pay the other party called insured a fixed amount of money on the happening of a certain event."
What is General Insurance?
Insurance other than ‘Life