Weather Based Crop Insurance by Bajaj Allianz

Bajaj Allianz General Insurance implemented the Weather Based Crop Insurance Scheme in 6 districts of Rajasthan and insured more than 8.9 lakh farmers in the rabi season. The insurance scheme has helped the farmers to recover losses which occurred due to unseasonal and heavy rain in the month of March. The company has paid claims worth Rs. 214 crore in the allotted districts of Jaipur, Jodhpur, Dungarpur, Ganganagar, Jhalawar. The claim amounts are being transferred to the farmers’ accounts by their respective banks.

The scheme by Bajaj Allianz covers crop losses due to deviation in weather parameters like excessive or poor rainfall, unseasonal rain, temperature variation and disease-conducive days etc. The Union and State Governments also aid the farmers by providing subsidy in the premium so that all types of farmers can insure and protect their crops against unpredictable weather conditions.

Commenting on this, Mr. Ashish Agarwal, Head Agriculture Business, Bajaj Allianz General Insurance says, “We have proactively streamlined our claim settlement procedure and have expedited financial relief to customers through the Weather Based Crop Insurance Scheme. We have kept in mind the losses farmers have incurred due to the vagaries of nature. Understanding the sensitivity of the issue, we have ensured that their claims settlement process is hassle free.”

Bajaj Allianz General Insurance Company started participating in the National Crop Insurance Program in the last financial year and insured more than 33 lakh farmers from Rajasthan, Chhattisgarh, Bihar, Maharashtra, Uttar Pradesh, Karnataka and Assam in the first year itself. In totality, the company has paid claims worth Rs. 434 crore, which has benefitted 27 lakh farmers across the country.

Mr. Agarwal adds, “The Company is also taking systematic measures to increase awareness amongst the farmers on the need and USPs of this scheme through radio, hoardings, street plays and local announcements etc. Given that today the yields are highly susceptible to risks due to the frequent changes in weather conditions. It is therefore necessary to protect farmers and ensure their financial stability for the next season.”