The district administration has introduced crop insurance for banana plantations for the first time after Chennai-based Agriculture Insurance Company of India offered the service.
Banana was being cultivated in about 230 hectares in the arid district with farmers in Kamudhi West firka alone cultivating the crop in about 100 hectares, sources in the Horticulture Department said adding the insurance was being introduced to farmers in that region for the ‘karif season’ this year in the first phase.
Farmers in seven revenue villages in the region are cultivating banana crop and the insurance would be a boon to farmers who raise the crop after making huge investments.
By insuring, the farmers could get compensation in the event of the crop getting destroyed owing to natural calamities or diseases.
The farmers could insure the crop for Rs. 322,000 per acre and the total premium has been worked out to Rs. 24,140. After the government’s 50 per cent subsidy, the farmers would have to pay a premium of Rs. 12,085 and they should pay it by September 30.
The premium would be deducted when farmers apply for farm loans in primary agriculture cooperative banks, nationalised banks and other banks.
The non-loanee small and marginal farmers could avail of 55 per cent subsidy and pay the balance premium of Rs. 10,876 by September 15.
The farmers should pay the premium within one month of planting the banana saplings, the sources added.
Source - http://www.freshplaza.com
