Stocks of paddy have to be stored from the time of harvesting till release to the market. This insurance scheme has been introduced to reduce the risk of investors who are buying stocks. This insurance scheme is designed to cover the cost of paddy stock collected in private homes due to natural calamities as well as damage caused by animals and insects. In providing these covers, mainly the covers are applied to the warehouse and depending on the nature of the warehouse building, additional covers are also applied. Here, when providing insurance coverage for institutions and stock collectors, the coverage is provided based on the value of the stock purchased by the institution.
Storage Insurance Scheme
Stocks of paddy have to be stored from the time of harvesting till release to the market. This insurance scheme has been introduced to reduce the risk of investors who are buying stocks. This insurance scheme is designed to cover the cost of paddy stock collected in private homes due to natural calamities as well as damage caused by animals and insects. In providing these covers, mainly the covers are applied to the warehouse and depending on the nature of the warehouse building, additional covers are also applied. Here, when providing insurance coverage for institutions and stock collectors, the coverage is provided based on the value of the stock purchased by the institution.
Reserve amount per acre is Rs. If less than 100,000, all natural hazards including flood, drought and wild elephant risks are covered and the insured amount is Rs. 100,000 or more and all risks are covered.
| Nature of Insurance | Risk Coverage | Insurance Premium (In Sum Assured per Acre) |
| Sum assured per acre is less than Rs.100,000/- | All natural hazards including flood, drought and wild elephants | |
| 100,000/- per acre | All risks | If the sum insured for sister is Rs.100,000/- then the insurance premium for Rs.100,000/- is 6.4% = 6,400/- |
| 100,000/- more per acre | All risks | In addition to the 6.4% insurance premium up to Rs.100,000/- per acre, an additional insurance premium of 9% will be charged for the amount exceeding Rs.100,000/-. |
To obtain insurance coverage related to Storage Insurance,
Meet the District Offices of Agricultural and Agrarian Insurance Board / Representatives of Agricultural and Agrarian Insurance Board / Agricultural Research and Production Assistant Officers in your area.