Iffco-Tokio have introduced another micro-insurance product in India aimed to help farmers overcome the vagaries of the Indian climate. Mausam Bima Yojna is an index-based product designed to protect against deficiency in crop yield due to excess rainfall during a specified period. Rainfall data is collected by the insurer and claims are triggered based on an index if rainfall crosses the upper limit.
Crops being covered by this new product include rice paddy, sugarcane and groundnut. The new product should be introduced by the end of November.
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