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Crop Insurance Schemes for Pak Farmers

First time in the history of Pakistan.

CIS scheme has been launched through the Bank of Punjab and two insurance companies of the national level but it is hoped that with the passage of time, other banks and insurance companies will also join it. It will compensate the farming community from loss of their crops caused by unfavourable weather conditions and natural calamities. Under the scheme, if any natural calamities like flood, drought, etc hit a district, it would be declared a ‘disaster area’ and 50-70pc payment along with relief in agricultural credit and exemption from the provincial taxes would be provided to the farmers.

Crop Insurance Schemes for Pak FarmersFarmers will be able to get life insurance as well as crop insurance under the new agriculture insurance scheme launched by the Bank of Punjab, Chief Minister Chaudhry Pervaiz Elahi said on Thursday.

Under this scheme farmers with 1-50 acres of land would be compensated 50 to 70 percent of the crop value in the eventuality of crop loss caused by natural calamity while their entire loan would be covered. "Moreover, the scheme also include life insurance for one-year with the claim of Rs 500,000," he added.

To avail the crop insurance scheme, the bank would charge additional two-percent of the loan, on the top of eight percent mark-up rate on the loan, he said. He observed that it was commendable to see a decline in the mark-up rate on agri loans, which has been reduced from 14 percent to eight percent, while more cut on mark up in future was expected. "The insurance scheme, first of its kind in the country, would benefit 98 percent of farmers, especially the poor ones.

BoP Managing Director Hamesh Khan said that the State Bank of Pakistan (SBP) had permitted them to open 10 more branches of which five would be opened in Punjab within a few months. He said that they were also planning to open their branches in other provinces in near future, where they would extend similar agri packages to the farmers. "In consultation with the tobacco growers, they were planning to open a branch in Mardan to facilitate tobacco farmers," he added.

Related Story

Farmers get life insurance facility  

Agri-insurance scheme to cover human loss too: CM

Bank of Punjab's crop insurance scheme launched

Shaukat spells out crop insurance scheme

Courtesy: Our correspondant;

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