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Micro Insurance Agents can solicit and market specific Government sponsored crop insurance schemes to non-loanee farmers without any limit on the sum insured. This decision applies to the Pradhan Mantri Fasal Bima Yojana, Weather Based Crop Insurance Scheme, and Coconut Palm Insurance Scheme. The sum insured, premium, and premium rate remain as notified under the respective schemes. All other provisions of the IRDAI Micro Insurance Regulations 2015 continue to apply.
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[Image omitted. See the official document.]
CIRCULAR
No.IRDA/INT/CIR/MI/197/10/2016
18th Oct 2016.
To All CEOs of General Insurers
Subject: Products for sale through Micro Insurance Agents
Attention is drawn to the IRDAI (Micro Insurance) Regulations 2015, wherein the maximum amount of cover for crop insurance is fixed at Rs.1,00,000/- per cover.
Recently there are requests made to the Authority by some of the stakeholders to categorize Government sponsored crop insurance schemes, i.e., Pradhan Mantri Fasal Bima Yojana (PMFBY), Weather Based Crop insurance Scheme (WBCIS) and Coconut Palm Insurance Scheme (CPIS), as Micro insurance products irrespective of the amount of Sum Insured under the individual policy.
Chairman, IRDAI, under the powers vested with him under Regulation 18 of IRDAI (Micro Insurance) Regulations 2015 has decided to allow Government insurance schemes such as Pradhan Mantri Fasal Bima Yojana (PMFBY), Weather Based Crop Insurance Scheme (WBCIS) & Coconut Palm Insurance Scheme (CPIS) (without any limit on sum insured) covering the non-loanee farmers to be solicited and marketed by Micro Insurance Agents.
Consequently, Micro Insurance Agents can sell to the non-loanee farmers the above mentioned Government sponsored crop insurance schemes offered by an insurer which covers the crop of the policyholder, over the area of the insured field. However, the sum insured / premium / premium rate per crop / unit area / tree, as the case maybe, will remain as notified under the respective Government sponsored insurance schemes without any change. Other provisions of the IRDAI (Micro Insurance) Regulations, 2015 will continue to apply.
[Image omitted. See the official document.]
(P. J. Joseph) Member (Non-Life)
परिष्रम भवन, तीसरा तल, बशीरबाग, हैदराबाद-500 004. भारत (D : 91-040-2338 1100, फैक्स: 91-040-6682 3334 ई-मेल: irda@irda.gov.in वेब: www.irda.gov.in
Parisharam Bhavan, 3rd Floor, Basheer Bagh, Hyderabad-500 004. India. Ph.: 91-040-2338 1100, Fax: 91-040-6682 3334 E-mail: irda@irda.gov.in Web.: www.irda.gov.in
