Agric insurance nirsal introduces new product
Agricultural Insurance Corporation of Nigeria (AICN) under the National Insurance Scheme of Nigeria (NIRSAL) has introduced a new product to cater to the needs of farmers in Nigeria. The new product is called "Agricultural Insurance Policy" and it is designed to provide financial protection to farmers against crop losses and other risks associated with farming.
The Agricultural Insurance Policy is a comprehensive insurance product that covers a wide range of risks, including:
- Crop loss due to natural disasters such as floods, droughts, and pests.
- Crop loss due to diseases and pests.
- Crop loss due to fire and other accidental damage.
- Crop loss due to theft and vandalism.
- Crop loss due to market fluctuations.
The policy is designed to provide financial protection to farmers against these risks, enabling them to recover from losses and continue their farming activities. The policy is available to farmers who have a minimum of 1 hectare of land and a minimum of 50% of their crops insured.
The Agricultural Insurance Policy is a group insurance policy, which means that farmers can join a group and insure their crops together. This approach allows farmers to share the risk and reduce the premium cost.
The policy is available in two forms:
- Crop Insurance: This policy covers crops against loss or damage due to natural disasters, diseases, pests, and other risks.
- Livestock Insurance: This policy covers livestock against loss or damage due to diseases, accidents, and other risks.
The Agricultural Insurance Policy is designed to provide financial protection to farmers and promote agricultural development in Nigeria. It is available to farmers across the country and can be purchased through NIRSAL's network of agents and brokers.
The benefits of the Agricultural Insurance Policy include:
- Financial protection: The policy provides financial protection to farmers against crop losses and other risks, enabling them to recover from losses and continue their farming activities.
- Reduced risk: The policy reduces the risk of crop loss and other risks associated with farming, enabling farmers to plan and manage their farming activities with confidence.
- Increased productivity: The policy encourages farmers to adopt good agricultural practices and invest in their farms, leading to increased productivity and efficiency.
- Improved food security: The policy helps to improve food security by providing financial protection to farmers and enabling them to continue producing food.
Overall, the Agricultural Insurance Policy is a valuable tool for farmers in Nigeria, providing financial protection and promoting agricultural development in the country.