The GOI is planning to unveil an exclusive all-in-one insurance product for farmers as part of its ongoing social security scheme. The step has been initiated as the incidents of farmer suicides in the country are increasing. To be known as the Unified Package Insurance Scheme (Bhartiya Krishi Bima Yojana), the policy would flaunt nine features with mandatory crop insurance.
However, farmers have to choose at least four other features to avail subsidy under crop insurance section. The proposed policy packages various products like crop insurance, health cover, personal accident insurance, live stock/cattle insurance, insurance cover for agriculture implements like tractors and pumpsets, student safety insurance and life insurance.
The scheme would be offered/ administered through general insurers on similar terms which are applicable on other social security covers with necessary approvals and allocation of area.
1. In 2014, India recorded 12,360 farm suicides. This is slightly more than the number of farmer suicides registered in 2013.
2. Nearly half of all suicides by cultivators in 2014 were in Maharashtra alone, with Telangana following.
3. Bankruptcy contributes significantly more to farm suicides than to other suicides.
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