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VFPCK - Insurance Packages

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For the benefit of member farmers, VFPCK implement various insurance packages in association with insurance agencies. The various packages are: 

  • · 1. Crop insurance package:
    VFPCK has designed a crop insurance package for its participating farmers for protecting farmer as well as the banker from uncertainties that arises during the cultivation period. VFPCK had made a tie up with United India Insurance Company Ltd. for insurance coverage of banana, vegetables and tuber crops. Crops covered are all banana varieties, vegetables (pandal and non-pandal) and tuber crops (amorphophallus, colocasia, yams and tapioca) cultivated by participant farmers of VFPCK.

Coverage:
Insurance coverage is provided against total loss or damage to banana plants due to natural calamities like fire, flood, inundation, storm, drought, cyclone, tornado, tsunami, frost, heavy wind, tempest, land slide, rock slide, earthquake, riot, strike, forest fire and bush fire. Damage by wild animals (wild elephant & wild boar), Kokkan disease and Pseudostem borer attack is also covered. In case of vegetables and tuber crops coverage is provided only for natural calamities.

Premium:

    • Banana - Rs. 3.50/ plant
    • Vegetables and tuber crops – Rs. 4.25/ cent / season

Compensation payable for Banana

Cause

Age of Banana Crop 
( 2 months & above )

Unbunched 
(Rs./plant)

Bunched 
(Rs./ plant)

Natural calamity / 
wild animal (Elephant, Boar) attack

40

60

Kokkan disease & Pseudostem borer attack

30

30

Compensation payable for Vegetables
(Rs. 300 for pandal crops, Rs.250 for non- pandal crops /cent /season)

Crop

Period

Compensation

Vegetables

15 - 45 days
46 - 90 days
91 – 120 days

50%
100%
50%

Tubers(Amorphophallus,
colocasia,yams & tapioca)

2 – 5 months 

more than 5 – 10 months

100%


50%

  • · 2. Karshaka Raksha Policy (KRP):
    An unique health insurance scheme for farmers implemented in association with The New India Assurance Company Ltd. Low premium and quick claim settlement are the major features of the scheme.


Premium:

    • Rs. 130/- per adult (15-65 years)
      [After VFPCK subsidy of Rs. 20/ adult]
    • Rs. 53/- for child (< 15 years)
      [After VFPCK subsidy of Rs. 7/ child]


Maximum compensation: Rs.10, 000/- per adult, Rs. 5,000/- per child

  • · 3. Jeevan Raksha Policy (JRP):
    Life insurance scheme for farmers are also implemented in association with LIC of India. In addition to low premium and quick claim settlement, provision of scholarships for children of insured farmers is the major features of the scheme.

Premium:

    • Total premium: Rs. 200/-
    • Government of India subsidy: Rs. 100/-
    • VFPCK subsidy Rs. 50/-
    • Farmer contribution: Rs. 50/-

Compensation:

    • Normal death: Rs. 30,000/-
    • Partial disability: Rs. 37,500/-
    • Accidental death: Rs.75, 000/-
    • Permanent disability: Rs. 75,000/-


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