Monday, June 21, 2021

RURAL INSURANCE

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It is necessary for them to take advantage of schemes aimed at their welfare because 70 percent of the Indian population lives in rural areas and contributes greatly to country development. It would not be incorrect to suggest that farmers and farmers play an important role in our country’s development. This segment also makes sense to cover rural insurance policies in accordance with their needs.

Rural insurance guarantees a stable and prosperous future for rural families to lead a happier life. The insurance helps them cover risks associated with different aspects of their lives. Rural Insurance policies come with the affordable premium rates and faster claim process.

TYPES OF RURAL INSURANCE

Rural insurance includes a wide range of plans to cover various sections. Some of them are:

Plans Definition
Motor Insurance Comprehensive coverage for agricultural vehicles like tractors, cars, scooters, trailers and motorcycles.
Property Insurance Covers home, shops, retail outlets, schools and agricultural equipment.
Accident Insurance Covers accidental death, partial or total disability of the insured.
Livestock Insurance Insurance coverage for cattle against death or disability.
Health Insurance Personal accident insurance and Mediclaim for the insured.
Poultry Insurance Covers broilers and parent stock of chicken.

WHAT RURAL INSURANCE COVERS?

Rural insurance is associated with the lifestyle risks of people residing in villages. This insurance policy includes:

  • Hut insurance.
  • Poultry insurance.
  • Cycle rickshaw policy.
  • Sericulture insurance.
  • Honey bee insurance.
  • Failed- well insurance.
  • Sheep and goat insurance.
  • Lift irrigation insurance.
  • Farmers’ package insurance.
  • Agricultural pump-set policy.
  • Animal-driven cart insurance.
  • Gramin personal accident insurance.
  • Aqua-culture (prawn/ shrimp) insurance.
  • Horticulture/ plantation insurance scheme.
  • Animals included in rural insurance are elephants, rabbits, pigs, birds, zoo and circus animals.

ELIGIBILITY CRITERIA

The rural industry eligible for this insurance must fulfil the following categories, according to the Independent Insurance Regulatory and Development Authority (IRDA).

  • Has a population less than 5,000 people.
  • Density of population is not more than 400 per square kilometre.
  • Minimum 75% of male population must be engaged in farming activities.

CLAIM PROCESS

In the event of a certain incident, a set protocol may then make claims. In order to avoid rejection, it is necessary to be aware of the steps:

  • After the eventuality, inform the insurance company as soon as possible.
  • Provide the duly filled in claim form along with the required documents.
  • Submit the proofs and certificates.
  • After an assessment, if the provider finds it fit, your claim will be accepted and you will receive your compensation, else it will be rejected.
  • If you are not satisfied with the decision, you can approach the court of law.

Some of the documents required to be submitted to the insurance company for making claims are:

  • Duly filled in claim form.
  • Photocopy of insurance policy,
  • FIR report in case of accidents/ vandalism.
  • Death certificate (in case of death of the insured)
  • Evidence of equipment damage (in case of property insurance)
  • Ear tags (in case of cattle insurance)
  • Demand draft/cancelled cheque of the bank account where the claim amount has to be paid.
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