The coverage of farmers
under Weather Based Crop Insurance Scheme (WBCIS) has gone up from 35 thousand
in Kharif 2007 to 61.6 lakh in Kharif
2011. Claims worth Rs. 972 crore
have been settled so far. The overall coverage under the scheme is 1.95 crore farmers over an area of 2.78 crore
hectares.
The scheme has been
implemented since Kharif 2007. During the last five
years, i.e. 2007-08, 2008-09, 2009-10,
2010-11, and 2011-12 till 27.1.2012 Rs 69.19 crore, Rs. 100.00 crore, Rs.120.00 crore, Rs. 450.00 crore, and Rs. 442 crore respectively have
been released as Central Government’s share towards subsidy for premium provided
to the farmers.
WBCIS is intended to
provide insurance protection to the farmers against adverse weather incidence,
such as deficit and excess rainfall, high or low temperature, humidity etc.
which are deemed to impact adversely the crop production. It has the advantage
of settling the claims within shortest possible time. It is based on actuarial
rates of premium but to make the scheme attractive, the premiums actually
charged from farmers have been restricted to and made at par with NAIS. The
difference between actuarial rates and premium actually paid by farmers are
borne by the Government (both Centre and State concerned on 50:50 basis). Besides this a cap on premium payable by farmers for
annual commercial/horticultural
crops has been provided.
To provide competitive
service to the farmers, private insurance companies i.e. ICICI-Lombard,
IFFCO-TOKIO and M.S Cholamandalam General Insurance
Companies have also been involved for implementation besides Agriculture
Insurance Company of India
(AIC).
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