Mumbai: ICICI Lombard General Insurance, Tuesday said it offers customised weather-based crop insurance to help farmers cover losses caused by weather damage under its Weather-based crop insurance.
ICICI Lombard is a 74:26 joint venture between ICICI Bank and Fairfax Financial Holdings of Canada.
The company’s weather insurance comes with multiple features like customisation of insurance products as per the need of weather risk and flexibility for farmers to take up insurance for a particular critical stage of crop growth or for the entire crop cycle, the release said.
The company has also introduced text messaging for contract farmers to update them about the weather conditions during sowing to the harvesting cycle.
ICICI Lombard’s Head-Rural Insurance, Pranav Prashad said, “ICICI Lombard’s weather-based crop insurance provides security against unpredictable weather conditions faced by farmers. For a nominal price, this insurance cover helps farmers tide over the uncertainty of weather to their crops and vegatables, which might lead to their loss of livelihood.”
An expected rainfall shorgage this year across the states of Punjab, Haryana, UP, MP, AP and Maharashtra could result in significant crop-loss for farmers.
ICICI Lombard said that it has extended weather insurance benefits to more than 2,50,000 farmers across India.
The states covered are Rajasthan, Gujarat, Andhra Pradesh, Madhya Pradesh, Chhattisgarh, Tamil Nadu, Karnataka, Punjab and Haryana, the release said.