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18 lakh farmers in Rajasthan join new insurance scheme

JAIPUR: Around 18 lakh farmers have been associated with the new insurance scheme in Rajasthan which is the first state to provide Rs 5 lakh accidental insurance to farmers by charging only Rs 27 premium per year.

The government is targetting to associate 25 lakh farmers in the current fiscal year under the Raj Sahakar Vyaktigat Durghtna Bima Yojana launched in June this year, and 18 lakh farmers have already been associated during July to November period, a minister said.

“The farmers are being provided financial security under the newly implemented Raj Sahkar Vyaktigat Durghtana Bima Scheme and Rajasthan is first state which is providing such big insurance cover at low premium,” the state minister for co-operative Ajay Singh said today.

The farmer who has availed crop loan through cooperative banks will get an insurance cover of Rs 5 lakhs by giving only Rs 27 as yearly premium.

Until last year, Rs 3 lakh insurance cover was given to farmers, which is now raised to Rs 5 lakh with low premium under the new scheme.

Farmer will pay Rs 27 whereas Central Co-operative Bank will give Rs 13.50 and the Rajasthan State Co-operative Bank will contribute Rs 13.50 as the premium.

He said that the scheme has received a good response from the farmers and 18 lakh farmers have been associated within five months.

As compared to other states, the premium in Rajasthan is low and the insurance cover is high, he said, adding that the Cooperative department is providing this facility to other account holders of cooperative banks by charging only Rs 54 yearly premium.

As per the assessment of the state cooperative department, Haryana is providing Rs 50,000 insurance cover, Madhya Pradesh Rs 2 lakhs and Gujarat Rs 4 lakh insurance cover.

Telangana is providing only Rs 1 lakhs insurance cover to its farmers whereas Punjab is providing Rs 5 lakhs cover to farmers though the premium amount is much higher as compared to Rajasthan.

Punjab is charging Rs 110 as yearly premium for an insurance cover of Rs 5 lakhs whereas Gujarat is charging Rs 44 as yearly premium for insurance cover of Rs 4 lakhs.

Kerala, Maharashtra and other states are charging higher premium as compared to Rajasthan and offering less insurance cover.

Source: TOI

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