Question

The Ministry of Agriculture released Operational Guidelines for the Unified Package Insurance Scheme (UPIS) will provide insurance products to farmers, on the payment of a single premium. These products include:

Which of the above statement(s) is/are correct?

• A. Only 1,3&4
• B. Only 1,2&3
• C. Only 2,3&4
• D. All of the above

Answer 1

The correct option is D All of the above

Kinds of insurance products: The UPIS covers seven kinds of insurance products: (i) crop insurance, (ii) personal accident insurance, (iii) life insurance, (iv) building and contents insurance (fire and allied perils), (v) agriculture pump set insurance, (vi) student safety insurance, and (vii) agricultural tractor insurance. Of these, crop insurance will be mandatory. However, farmers will have to opt for at least 2 more insurance products under the scheme. Coverage and insurance providers: Coverage will be for one year, and will be renewable on a yearly basis. The scheme will be offered by the Agricultural Insurance Company, and general insurance companies which will be selected as implementing agencies under the Pradhan Mantri Fasal Bima Yojana.