Reliance General agriculture insurance

Reliance General agriculture insurance

PRIVATE sector insurer Reliance General has forayed into agriculture insurance business, with products giving financial protection from vagaries of weather to crops sown by farmers across the country.

The products include weather as well as yield-based insurance schemes and follows the mandate given in this regard by the Central Government and its agencies to the general insurance unit of Reliance Capital, the financial services arm of Anil Ambani-led Reliance Group. "It is our first step in the domestic agriculture insurance sector with weather and yield-based crop insurance products, which are aimed at providing protection to farmers from the problems arising due to the vagaries of weather." Reliance General Insurance CEO Rakesh Jain told PTI. "We are confident that agriculture insurance will bring a sigh of relief to farmers who are constantly worried about the changing climatic conditions and their consequent impact on crops," he said.

Reliance General has been impaneled by the Government of India to implement weather-based crop insurance (WBCI) scheme in 21 states. Of these, die company has launched agriculture insurance schemes in five states, after gelling approval from the respective state Governments.

After being empanelled by the Central Government, the agriculture insurance provider needs to approach the respective states tor launch of its products and services. Besides. Reliance General has also received mandate under the central government's National Agricultural Insurance Scheme (NAIS) to offer yield-based crop protection to farmers in 50 identified disiricis across the country.

"The total annual business premium under Weather-Based Crop Insurance Scheme, Modified National Agricultural Insurance Scheme and its predecessor National Agricultural Insurance Scheme is about Rs 5.000 crore." Jain said.