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This is an archive article published on November 6, 2003

Insurance cover to crop yield, price

A new insurance for farmers will be introduced soon to cover yield and price fluctuations under a single policy.The Farm Income Insurance Pr...

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A new insurance for farmers will be introduced soon to cover yield and price fluctuations under a single policy.

The Farm Income Insurance Programme (FIIP) will be introduced in 23 districts of 18 states for the wheat and rice crop in the Rabi season. The policy is an improvement over the existing National Agricultural Insurance Scheme which covers yield discrepancies only.

Based on the results of the pilot project, the FIIP will be fine-tuned for formal launch in Kharif 2004, Agriculture Minister Rajnath Singh said today at a meeting of the consultative committee. The Agriculture Insurance Company of India will handle the policy.

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Under the FIIP, a farmer’s yield and price risk would be protected by ensuring minimum guaranteed income. A premium subsidy of 75 pc is proposed for small farmers, while others would get 50 pc.

The programme will be available in all states and be compulsory for farmers availing seasonal agricultural operation loans. The NAIS will be withdrawn for crops covered by FIIP, but would continue to be applicable for others.

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