Draksha Bima is a unique insurance product for the grape growers particularly in Maharashtra. This insurance scheme provides effective risk management support to grape growers likely to be impacted by adverse rainfall and hail incidence.
Salient features of Draksha Bima Trigger events like adverse rainfall can be independently verified and measured. The parameters considered in designing this insurance product are relevant, appropriate and captures the rainfall induced risks affecting Grape production. It allows for speedy settlement of indemnities, as early as a fortnight after the completion of indemnity period.
The policy compensates the insured financially, against the anticipated shortfall in grape yield resulting from unseasonal rainfall, and hailstorm (as the case may be) for different coverage options within a specific geographical location and specified time period, subject to a maximum of the Sum Insured specified in the policy under each of the coverage options.
Any grape grower, cultivating table variety of grapes in the selected zones of Nasik, Maharashtra and whose grape produce/ yield is affected by weather parameters, is eligible to buy the insurance.
For Parametric Perils (Flowering Rainfall, Berry-Cracking Rainfall and Cold Wave) In the event that, in the geographical location and during the time period specified in the Schedule to this policy for different options, the weather parameters (rain/temperature) are above/below the specified trigger levels, the benefit payable to the insured shall be a sum specified corresponding to the trigger level, subject to maximum of the Sum Insured specified under various options of the Schedule hereto.
Claims are automated for all parametric perils. Claims for these perils will be settled on the basis of actual weather data received from the concerned agencies/ institutions. Claims when become payable, will be paid at a uniform rate to all the insured growers under a particular reference weather station. For Non-Parametric Perils (Hailstorm) Hail being a peril that has not yet been parameterized, AIC would undertake loss/damage estimation exercises for individual fields or affected area to assess the claims payable due to hail.
On occurrence of any loss or damage due to hail, the insured shall forthwith give notice thereof to the insurance company within 72 hours (directly or through concerned organization designated by AIC) and shall within 15 days after loss or damage or such further time as the company may in writing allow in that behalf, deliver to the company.
Premium chargeable would be statistically/actuarially calculated based on the crop, location, the coverage sought, the past rainfall pattern in the specified geographical area and the acreage under cultivation.
For More Details About Insurance Please Visit: http://pibmumbai.gov.in/English/PDF/E0000_SH43.PDF