Saturday, 17 September 2022

What is Crop Insurance?

  NewTips.Info       Saturday, 17 September 2022

What is crop insurance?

Crops of the land are often destroyed due to natural causes. It is very difficult to deal with such problems in developing countries. Crop damage of land like: flood, cyclone, heavy rain, lack of rain, insect attack is caused by various reasons. Crop insurance is the insurance that is taken for financial assistance as a cover in this problem .

Importance of crop insurance

A large part of Bangladesh's economy depends on agriculture. But this agriculture is dependent on nature. Crop insurance is very important in this country as natural calamities cause a lot of damage to agricultural crops. If the crop of an area is damaged, the economy of the country is also affected. Crop insurance deals with all these losses coverage. In the first stage, the coverage of crop insurance included paddy, jute, wheat and yaksu.

Benefits of Crop Insurance

1. Crop insurance covers financial loss in case of crop loss or accident so the people engaged in agriculture are quite safe.

2. Farmers do not have to worry about crop damage. This results in increased production.

3. Insurance helps people to be frugal. and learn about proper utilization of resources.

4. There is no need to worry about warehousing as the crop is covered by insurance.

5. Crop insurance makes it easy to get loans from various lending companies.

6. Capital formation can be done through crop insurance like any other insurance.

7. Farmers are interested because of crop security. The country benefits economically by exporting goods.

How to plan insurance?

Farmers With some interested farmers in the village for insurance, contact any representative of the crop insurance company. 

Copies of documents to be provided to farmers.

1) NID card photocopy .

2) Aadhaar card photocopy .

3) Bank pass book in own name (photo).

4) Copy of Khatian/Parcha.

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