Banana farmers to get bigger benefits at lower premiums
In a major relief for banana farmers, the government has announced an updated weather-based crop insurance scheme, promising higher compensation and lower premiums. Effective prominently in Jalgaon district of Maharashtra, this new plan significantly boosts the insured amount and reduces the financial burden on farmers, providing enhanced protection against natural calamities and other challenges. Read on to learn how these changes will benefit banana growers in the upcoming years.
The government has issued an order regarding the weather-based crop insurance scheme, specifically focusing on fruit crops. This new directive ensures that banana crop insurance holders will receive higher compensation.
Higher Payouts and Lower Premiums
In Jalgaon district, the Agricultural Insurance Company of India (AIC) will continue to administer this scheme. Notably, the banana crop will now receive more compensation than before. Previously, farmers paid an insurance premium of Rs. 10,500 per hectare, which provided coverage of Rs. 1,40,000 per hectare. Now, the premium has been reduced to Rs. 8,500 per hectare, and the coverage amount has increased to Rs. 1,70,000 per hectare, offering an additional Rs. 30,000 in coverage.
“Ambia Bahar”
For damages caused by low and high temperatures, as well as storms or high winds, farmers will receive Rs. 85,000 per hectare. Previously, the compensation was Rs. 70,000 per hectare for these types of damages. This coverage is provided under the Ambia Bahar Yojana for the banana crop in Jalgaon district.
This scheme runs from November to July, covering nine months of the banana crop cycle. The updated compensation rates will be in effect for the years 2024-25 and 2025-26. Importantly, no criteria of the scheme have been changed. The banana crop is insured against natural issues such as cold or low temperatures, heat or high temperatures, storms, and hail. The State Government will cover the increased compensation costs. To know more about this click this link.
Banana farming has become more expensive due to various challenges, including the unpredictability of traders, natural problems, and inflation, putting banana producers in a difficult position. As a result, there were demands for additional measures to support banana growers, such as reducing the insurance premium and increasing the insured amount.
Banana Farmers Booster
Farmers had been advocating for higher compensation and lower premiums under the fruit crop insurance scheme. After extensive follow-up at various levels, the government agreed to these demands and decided to provide more compensation to banana insurance holders through this scheme. This decision is expected to bring much-needed relief to banana farmers, helping them navigate financial challenges and ensuring better stability for their agricultural practices. With these changes, the government aims to bolster the resilience of banana growers against the vagaries of weather and market fluctuations, fostering a more secure farming environment.
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