New insurance scheme introduced for six crops

A new insurance scheme has been introduced for six varieties of crops including paddy from the forthcoming Maha season with a minimum premium from farmers.

Under the new crop insurance system introduced by the Agriculture Agrarian Insurance Board (AIB), farmers can claim up to Rs. 30,000 for one acre on cultivation of paddy, maize, big onion, potatoes, soya bean and chillies (green), the Government Information Department said. Chairman of the Agriculture Agrarian Insurance Board Sydney Gajanayake said that the insurance could be made at a premium of Rs. 675 per annum. Gajanayake said that the state would bear 80% of the insurance premium and registrations were currently taking place.

It is estimated that the total liability of these six crops is Rs. 82,537,320,000 for a total of 2,751,244 acres of cultivated crop lands.