ICICI Lombard to provide insurance cover for tomato crop in Bilaspur

Shimla: ICICI Lombard General Insurance Company has got the nod for providing weather based crop insurance to tomato crops in 2011 kharif season in Sadar block of Bilaspur district.

Both loanee and non- loanee farmers would be provided an insurance cover for tomato crop between June 15 to December 15, said Alok Agarwal, Executive Director, ICICI Lombard General Insurance.

To enroll under the scheme, the last date for which is June 30, farmers could approach a cooperative society, bank, commercial bank or an authorized ICICI Lombard personnel, he said.

The weather based crop insurance scheme would provide cover against high and low temperatures and as well as excess and deficit of rainfall.

This scheme will facilitate immediate compensation based on certified data collected from independent third party bodies such as weather stations installed at Swarghat, Namhol and Bilaspur.

This is a unique insurance scheme, where the beneficiary is not required to file a claim for loss to receive a payout, instead ICICI Lombard proactively intimates and settles the claim amount to the beneficiary based on certified data collected from independent third party bodies.

Weather based crop insurance, which is an index based insurance product was pioneered by ICICI Lombard in India in the year 2003-04 and has been now successfully adopted in 11 states comprising of 60 districts covering as many as 26 variety of crops.

ICICI Lombard in 2010-11 insured over 22,11,639 lakh farmers and close to 7.7 million acres across 11 states. Of this 9.89 lakh farmers and nearly 3.4 million acres of land were covered during Kharif 10 season.

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