SERVICE MANAGEMENT

RURAL INSURANCE

PRIYANKA.R 3rd B.COM D 09BTC11152

Introduction Rural production and farm incomes in India are frequently affected bynatural disasters such as droughts, floods, cyclones, storms, landslidesand earthquakes. Susceptibility of rural to these disasters iscompounded by the outbreak of epidemics and man-made disasterssuch as fire, sale of spurious seeds, fertilizers and pesticides, pricecrashes etc. All these events severely affect farmers through loss inproduction and farm income, and they are beyond the control of thefarmers. With the growing commercialization of rural, the magnitude of loss due to unfavorable eventualities is increasing. The question is howto protect farmers by minimizing such losses. For a section of farmingcommunity, the minimum support prices for certain crops provide ameasure of income stability. But most of the crops and in most of thestates MSP is not implemented. In recent times, mechanisms likecontract farming and future s trading have been established which areexpected to provide some insurance against price fluctuations directly or indirectly. But, Rural insurance is considered an important mechanism toeffectively address the risk to output and income resulting from variousnatural and manmade events. Rural Insurance is a means of protectingthe agriculturist against financial losses due to uncertainties that mayarise Rural losses arising from named or all unforeseen perils beyondtheir control (AIC, 2008). Unfortunately, rural insurance in the countryhas not made much headway even though the need to protect Indian

RURAL INSURANCE SCHEMES CATTLE INSURANCE

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Cattle Insurance was governed under Market Agreement as devised by GIC and the rates, terms, conditions etc. all were applicable to all the four Insurance Companies. However, w.e.f May 2003, it is no longer under Market Agreement. This policy covers indigenous cross bred and exotic cattle owned by private owners, various financial institutions, dairy farms, cooperatives, corporate dairies etc. The word cattle includes Milch, Cows and Buffaloes calves and heifers, stud bulls, bullocks and he-buffaloes and mithuns. Age group is specified for all the animals. The evaluation of the animal is done by a veterinary surgeon.

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5 Def ii t i on R ural sect o r shall mean any place as per the latest census w hichmeets the f o ll o w ing criteria- ap o pulati o n o f less than five th o usand ; a dens it y o f popu
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l a ti on o fl ess t an f our undred per square il ome t er; and more t an t w enty fiv e per cen t o ft e ma l
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e ork i ng popu l a ti on i s engaged i n ura l pursu it s ura lI nsurance i s an underwr iti ng company ded i ca t ed t o
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prov i d i ng i nsurance so l u ti ons t o mee tt e needs o f ura l and rura ll y ased us i nesses . e core us i ness
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pr i nc i p l es t a t gu i de ura lI nsurance are exc l us i v it y , access t o i n f ormed and empowered dec i s i on makers
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, serv i ce and qua lit y . ura lI nsurance e li eves t a t y comb i n i ng t ese core va l ues and adher i ng t o t he bus
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i ness e t hos o f P u tti ng Y ou i rs t, we crea t e a f undamen t a ll y be tt er op ti on f or your bus i ness .

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h il s t ura lI nsurance has a wea lt h o f exper ti se and i ndus t ry exper i ence , we ma i n t a i n an i nnova ti ve
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approach t o rura l and ura li nsurance and r i sk managemen t

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6 R U RAL IN SU RAN CE || BE N EF I TS |A D VAN T AG ES | FE A TU R ES & E LIGI B ILI TY I nd i a i s

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predom i nan tl y an ura l coun t ry so it becomes i mpor t an tt o i nsure it s ura l her it age . armers are t he cu lti va t ors o f
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hea lt hy I nd i a . ura lI nsurance i s t he answer t o a ll t he needs o f ura l and rura ll y based B us i nesses .N one o f us

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can be sure wha tt omorrow w ill br i ng .S h i e l d your f am ili es aga i ns tt he unknown . e tLif es rura l p l ans pro t
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ec t your l oved ones aga i ns t fi nanc i a l li ab iliti es and he l p you save f or t omorrow . All a t a ff ordab l e prem i ums . e tS
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uv i dha ura li s a par ti c i pa ti ng fl ex i b l e E ndowmen t Pl an t ha t comb i nes sav i ngs and secur it y .I n add iti
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on t o prov i d i ng you pro t ec ti on up t o ma t ur it y , it he l ps you save f or your spec ifi c l ong t erm fi
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nanc i a l ob j ec ti ves . h i s l ong t erm sav i ngs-cum-pro t ec ti on p l an comes t o you a t a ff ordab l e prem i ums .
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 BE N EF I TS De a th Benef i t I n t he even t o f dea t h dur i ng t he t erm o ft he po li cy ,t he bene fi

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c i ary w ill rece i ve t he base S um A ssured ,t he accrued revers i onary bonus and t erm i na l bonus if any . Ma tur i ty Benef i t O n
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ma t ur it y o ft he po li cy , you w ill rece i ve t he base S um A ssured ,t he accrued revers i onary bonus and t erm i na l bonus
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if any .

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7 Bonuses B onuses are ava il ab l e on l y on par ti c i pa ti ng po li c i es . he bonuses are no t guaran t eed as

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t hey are based on t he ompanys ac t ua li nves t men t re t urns , pers i s t ency and expense exper i ence .N o bonus i s payab l e
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f or t he fi rs t years o ft he po li cy . A D VAN T AG ES It i s an E ndowmen t p l an t ha t o ff ers bo t h sav i

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ngs and lif e i nsurance . l ex i b l e prem i um pay i ng op ti ons t o su it var i ous i ncome cyc l es . A p l an

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wh i ch par ti c i pa t es i n t he bonuses dec l ared by t he company . us t om i a ti on poss i b l e w it h A

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cc i den tD ea t h B ene fit, r iti ca l Ill ness , erm , a i ver o fP rem i um i ders f or comprehens i ve pro t ec ti on . FE A TU R ES &
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E LIGI B ILI TY Mi n im u m Entry Ag e 15 ye a rs 60 ye a rs Mi n im u m Su mA ssured s . 5, Maxim u m Su mA ssured s . 74, Ter m 15 years 3 years
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P re mi u m Pa y i n g Ter m s Si ng l e P ay , Li m it ed P ay 5 or 1& egu l ar P ay Mi n im u mA nnu a l P re mi u m Am

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ount s . 173 RI DE R S

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Sections show allcollapse prev | next OBJECTIVES OF THE STUDY Obligai Ral Sector Defiition BENEFITS Death Benefit Maturity Benefit Bonuses Term Rider Review of Rural Insurance Issues Related to Rural Insurance y ISSUES RELATED TO NAIS Why You Need A Rural Insurance 1. Guaranteed Surrender Value . Maturity Benefit 3. Death Benifit HONEYBEE INSURANCE SCHEME Crop insurance Progress and Performance of Rurall Insurance insurance. LESSONS FROM OTHER COUNTRIES In 1929 a group of CONCLUSIONS

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Rural insurance A. Jacob Sahayam, Karigiri `Rural insurance: Need and potential' (Business Line, June 23) has highlighted that the Government should pay serious attention to the rural areas. In fact, Life Insurance Corporation of India (LIC) stipulates that a considerable percentage of its busine ss should be from rural areas. And it has some social security schemes covering the rural and urban poor, landless labour, and so on. Yet it was not possible for it to penetrate into the interiors to tap the rural business. Two main reasons were the cost involved in servicing, and the policies not meeting the credit requirements of the farmers. They were accustomed to old methods of bo rrowing, chitties, etc. Crop insurance was also a failure because of misuse and false claims. And agents as well as insurers are not interested in policies of small sums assured and premiums. So, the Insurance Regulating Authority should insist that the business of every insure r should have a particular percentage of rural business and of small policies. The insurers -- LIC as well as the new entrants -- could introduce costeffective collection methods by involving post offices. They should introduce innovative schemes such as `Crop linked life insurance', with proper credit facilities, easy claim settl ement methods. Insurance in India Started in 1818(Oriental LifeInsurance Company )Life insurance premium accounting t2.5% of the countrys GDP
FDI up to 26%In the year 1912, the Life InsuranceCompanies Act, and the ProvidentFund Act were passed to regulate the insurance business

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