Iffco-Tokio General Insurance Company rolled out a variant of its weather insurance product - Mausam Bima Yojna (MBY) - this year. Of late, the company introduced Barish Bima Yojna (BBY) for kharif crops in four States in 2004. MBY has been introduced in select districts across six States - Andhra Pradesh, Punjab, Uttar Pradesh, Maharashtra, Madhya Pradesh and West Bengal so far. MBY is an index-based weather insurance product. The policy provides cover for anticipated deficiency in crop yield due to excess rainfall during the specified cover period.
This new scheme will provide cover for paddy, sugarcane, groundnut and other crops cultivated in this belt. The company is planning to introduce MBY in Salem, Madurai, Cuddalore and Vellore districts before the end of November.
This new scheme will provide cover for paddy, sugarcane, groundnut and other crops cultivated in this belt. The company is planning to introduce MBY in Salem, Madurai, Cuddalore and Vellore districts before the end of November.
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