Coconut Palm Insurance Scheme

What is Coconut Palm Insurance Scheme?

The “Coconut Palm Insurance Scheme (CPIS)” is being implemented by the Coconut Development Board, Ministry of Agriculture and Farmers Welfare, Government of India with the objective of insuring coconut palms against natural calamities, climatic risks, pests, diseases, and other perils.

Benefit

**Sum Insured & Premium****:** Under this scheme, 50% of the premium is borne by the Board and balance is shared between the State Government and Farmers @ 25% each, as below: Age group of PalmsPremium per plant/yearBoard’s Share (50%)State Govt. Share (25%) Farmer’s Share (25%) Sum insured per palm4-15 years ₹9₹4.50₹2.25₹2.25₹900/-16-60 years₹14₹7₹3.50₹3.50₹1750/-**Premium Subsidy:** - Of amount under above, 50% will be paid by Coconut Development Board (CDB) and 25% by State Government concerned and balance 25% will be paid by farmer/grower. - In case, the State government does not agrees to bear 25% share of premium, farmers/growers, will be required to pay 50% of premium, if interested in insurance scheme. In case some planters/growers’ association wishes to bear the premium on behalf of planters/growers, such associations may do so if they have ‘insurable interest’. - In any case, the planters/ growers shall have to bear a minimum of 10% premium. Premium subsidy amount (50% by CDB and 25% by participating States) will be released to Insurance Company in advance based on estimates, which will be replenished / adjusted on quarter/year basis. **Insurance Term:** - A policy can be issued for a maximum period of three years for which rebate in premium @7.5% for two year policy and 12.5% for three year policy will be provided to the planters/growers. - Effort will be made to ensure that all eligible farmers/growers join the scheme by 31st March of year. However, those farm

Level

Central

Ministry / Dept.

Ministry Of Agriculture and Farmers Welfare

Benefit type

other

Key eligibility

> **Eligibility criteria:** 1. As per the Scheme, individual farmers/growers offering at least 5 healthy nuts-bearing palms for insurance in specified age groups, (4-60 years for dwarf, hybrid, and 7-60 years for tall) contiguous area/plots will be eligible for insurance. **Note 01:** Insurance is f

Last verified

Recently

Benefits

**Sum Insured & Premium****:** Under this scheme, 50% of the premium is borne by the Board and balance is shared between the State Government and Farmers @ 25% each, as below: Age group of PalmsPremium per plant/yearBoard’s Share (50%)State Govt. Share (25%) Farmer’s Share (25%) Sum insured per palm4-15 years ₹9₹4.50₹2.25₹2.25₹900/-16-60 years₹14₹7₹3.50₹3.50₹1750/-**Premium Subsidy:** - Of amount under above, 50% will be paid by Coconut Development Board (CDB) and 25% by State Government concerned and balance 25% will be paid by farmer/grower. - In case, the State government does not agrees to bear 25% share of premium, farmers/growers, will be required to pay 50% of premium, if interested in insurance scheme. In case some planters/growers’ association wishes to bear the premium on behalf of planters/growers, such associations may do so if they have ‘insurable interest’. - In any case, the planters/ growers shall have to bear a minimum of 10% premium. Premium subsidy amount (50% by CDB and 25% by participating States) will be released to Insurance Company in advance based on estimates, which will be replenished / adjusted on quarter/year basis. **Insurance Term:** - A policy can be issued for a maximum period of three years for which rebate in premium @7.5% for two year policy and 12.5% for three year policy will be provided to the planters/growers. - Effort will be made to ensure that all eligible farmers/growers join the scheme by 31st March of year. However, those farm

Eligibility

Documents Required

How to Apply

1. Step 1: Offline application — step 1

   Application Process: Farmers/growers desiring insurance may directly contact representatives/authorized agents of the Insurance Company or may contact the nearest office of the Agriculture/Horticulture Department. Premium will be paid by farmer/grower, net off premium subsidy, through cash, cheque/bank draft, drawn in favour of Insurance Company. Claim assessment & settlement procedure: Loss of insured palms will be intimated by insured farmers to the insurance company within 15 (fifteen) days from the occurrence of peril, with all relevant details. The claims may also be intimated through concerned State Government Call Centers until the Implementing Agency (i.e. insurance company) sees up its own call centre. Loss assessment certification is required to be furnished by the Coconut Development Board (CDB)/Agriculture/Horticulture Department/State Agriculture University (SAU), as authorized by the insurance company for each district, justifying cause for loss of palm, within 15 days from the intimation of loss. The insurance company, at its discretion may send its representative to assess loss jointly with the agency designated to certify loss. The insurance company will release the claim to the insured farmer/grower within one month from the date, all relevant certified details of the claim are received in their office. Release of the claim amount, however, is subject to receiving a premium subsidy from both CDB and the concerned State. Insurance ceases to operate once a full claim is paid. Personal Accident cover for climbers registered with CDB/State government may be arranged with the public sector general insurance companies. The sum insured and the premium will be negotiated depending on the likely number of climbers to be insured.

Sources & References

• Official scheme website ↗
• Guidelines ↗
• View on myScheme (Government of India) ↗
• Information is summarised from official government sources. Verify all details on the official website before applying.