ICICI Lombard General Insurance, said it offers customised weather-based crop insurance to help farmers cover losses caused by weather damage under its Weather-based Crop Insurance.
ICICI Lombard is a 74:26 joint venture between ICICI Bank and Fairfax Financial Holdings of Canada.
The company’s weather insurance comes with multiple features like customisation of insurance products as per the need of weather risk and flexibility for farmers to take up insurance for a particular critical stage of crop growth or for the entire crop cycle, the release said.
The company has also introduced text messaging for contract farmers to update them about the weather conditions during sowing to the harvesting cycle.
ICICI Lombard’s Head-Rural Insurance, Pranav Prashad said, “ICICI Lombard’s weather-based crop insurance provides security against unpredictable weather conditions faced by farmers. For a nominal price, this insurance cover helps farmers tide over the uncertainty of weather to their crops and vegatables, which might lead to their loss of livelihood.”