Kathmandu. Plantsat, a company that has been innovating in the field of agricultural crop insurance in combination with modern technology, is also to bring into operation the insurance scheme for paddy crop damage due to low rainfall.
United Ajod Insurance has submitted its policy to the Insurance Authority of Nepal (ANI) for approval. According to PlantSat, the plan is to implement this insurance policy as soon as it is approved by the authority. This insurance scheme will be applicable to paddy crops that are planted in the months of October and November every year.
As per the proposed provision, the insurance company will pay the compensation to the farmers’ bank accounts within a week if there is less rainfall than the stipulated time. The farmers do not have to inform the insurance company about the failure of the paddy crop, they do not have to go to the rural municipality or municipality for the assessment of the damage from the JTA and technicians. Once the paddy crop is insured, the insurer actively assesses the damage and distributes the compensation amount for that year’s crop.
According to PlantSat, the insurance scheme has also been implemented to cover the loss to the farmers due to the decrease in milk production capacity of cows and buffaloes due to excessive heat. So far, a total of 1,627 cattle have been insured under this scheme.
Livestock farmers or dairy farm operators will get compensation if the milk production is less than the regular season due to the seasonal temperature.
