New insurance scheme has been introduced for six varieties of crops including paddy from the forthcoming Maha season with minimum premium from farmers.
Under this new crop insurance system introduced by Agriculture Agrarian Insurance Board (AIB) farmers can claim up to Rs. 30, 000 for one acre on cultivation on paddy, maize, big onion, potatoes, soya bean, and chilies (Green).
Chairman of the Agriculture Agrarian Insurance Board Sydney Gajanayake said that that the insurance could be made in a premium of Rs 675 per annum.
Mr. Gajanayake said that the state would bear 80 percent of the insurance premium and registrations were taking place currently.
It is estimated that total liability of these six crops is Rs. 82,537,320,000 for total 2,751,244 acres of cultivated crop lands.