Kathmandu. Sagarmatha Lumbini Insurance Company Limited has issued an “Insurance Policy on Decline in Rice Production Based on Excessive Rainfall Index” with approval from the Insurance Authority of Nepal. The term of the policy will be applicable from September 23, 2083 to November 23, 2083. <\/p>\n
The insurance policy covers the rice farmers of Kailali, Kanchanpur, Dhanusha, Siraha, Sarlahi, Banke, Bardiya, Dang and Kapilvastu districts with the aim of providing compensation for the risk of possible damage to paddy production due to excessive rains. PlantSat by Seed Innovations Pvt. Ltd. has partnered with PlantSat to issue this policy. <\/p>\n
In this policy, the insurance policy is Rs. 1,595 sum insured. On the first day of the issuance of the policy, i.e. on September 23, 2008, about 1,305 farmers have been issued insurance policies and about 3,304 katthas of paddy have been insured. The company has issued all these insurance policies in a single day. <\/p>\n
Under this insurance policy, the compensation will be provided to the farmers on the basis of the index of the maximum accumulated rainfall (mm) in the specified three days and not on the basis of the assessment of the loss suffered individually. <\/p>\n
The key feature of this insurance policy is its simple and automated claim payment process. The farmer will not have to submit a separate claim form, document or claim statement to the insurance company if the eligibility conditions are created for claim payment as per the prescribed index. <\/p>\n
The claim amount that is eligible to be paid on the basis of the index will be directly deposited in the bank account of the farmer. This will provide relief to the farmers from the paperwork required in the claim process and the extra time involved. <\/p>\n
The insurance policy based on the index will help mitigate the risk of economic loss to the farmers by means of simple, transparent and technology-based process to address the economic risk of decrease in paddy production due to excessive rainfall. <\/p>\n
<\/p>\n","protected":false},"excerpt":{"rendered":"
Kathmandu. Sagarmatha Lumbini Insurance Company Limited has issued an “Insurance Policy on Decline in Rice Production Based on Excessive Rainfall Index” with approval from the Insurance Authority of Nepal. The term of the policy will be applicable from September 23, 2083 to November 23, 2083. The insurance policy covers the rice farmers of Kailali, Kanchanpur, […]<\/p>\n","protected":false},"author":9,"featured_media":317568,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[45159,45096],"tags":[],"class_list":["post-317570","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-en","category-non-lifeinsurance-en"],"acf":[],"_links":{"self":[{"href":"https:\/\/insurancekhabar.com\/ikbrapi\/wp\/v2\/posts\/317570","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/insurancekhabar.com\/ikbrapi\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/insurancekhabar.com\/ikbrapi\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/insurancekhabar.com\/ikbrapi\/wp\/v2\/users\/9"}],"replies":[{"embeddable":true,"href":"https:\/\/insurancekhabar.com\/ikbrapi\/wp\/v2\/comments?post=317570"}],"version-history":[{"count":1,"href":"https:\/\/insurancekhabar.com\/ikbrapi\/wp\/v2\/posts\/317570\/revisions"}],"predecessor-version":[{"id":317571,"href":"https:\/\/insurancekhabar.com\/ikbrapi\/wp\/v2\/posts\/317570\/revisions\/317571"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/insurancekhabar.com\/ikbrapi\/wp\/v2\/media\/317568"}],"wp:attachment":[{"href":"https:\/\/insurancekhabar.com\/ikbrapi\/wp\/v2\/media?parent=317570"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/insurancekhabar.com\/ikbrapi\/wp\/v2\/categories?post=317570"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/insurancekhabar.com\/ikbrapi\/wp\/v2\/tags?post=317570"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}