From the field experience, it came to know that crops/livestock's insurer farmers were also expecting to return premium amount/sum insured after certain time as in case of life insurance. So it would be better to combine both schemes to treat farmer psychologically and benefit both parties. If there is experience of combing both life and non-life insurance schemes, expecting its approaches and experiences (positive and negative) of implementation
In India we have different insurance plans. Life and non-life (crops/ iivestock) are not taken together. Humans have long life cycle whereas plants have short life cycle. Premiums also differ accordingly.
Thank you Suresh for your time and effort for providing answer. I heard that Srilanka has started this type of scheme. If anybody familiar with this scheme, it would be worth to share.
In health Insurance, we have indemnity and benefit policies. presently the problem in both crop and health insurance is they are indemnity based policies which only help in meeting the loans and do not cover interest part.What is required is a benefit based policy addition which gives succour to buy a new asset for the livelihood. However In india, i have not come across any such policies. we need innovative covers in this direction.
I am currently undertaking a research study on crop insurance. There are 3 crop insurance schemes in Sri Lanka. As far as I know these schemes do not have a 'life insurance' component. However, two of these crop insurance providers offer life insurance schemes separately (not bundled with crop insurance). However, it would be interesting to learn pros and cons of such bundled policies.
Thank you Kanchana for your time and effort to provide information. Could you please little bit explain how crop insurance providers offering life insurance scheme to the farmers. How is it difference from life insurance schemes alone?
Those are general life insurance schemes and not targeted to farmers specifically.
Dear Krishna
theoretically it is not yet published.but why not you can put some conditions to underwrite such a policy.
Thank you Mohsen for your suggestion. I am researcher, first I am thinking to discuss with private insurance suppliers to know their views and possibilities.
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