Financial Daily from THE HINDU group of publications
Monday, Jan 30, 2006


News
Features
Stocks
Shipping
Archives
Google

Group Sites

Money & Banking - Life Insurance
Agri-Biz & Commodities - Insurance


Sankat Haran policy only on IFFCO, IPL products

L.N. Revathy

Coimbatore , Jan 29

ITGI (IFFCO- Tokio General Insurance Company) has said that from January 1, the IFFCO-Tokio Sankat Haran Policy is available on IFFCO (Indian Farmers Fertiliser Co-operative) and IPL (Indian Potash Ltd) products only.

It was earlier covering Kribhco (Krishak Bharathi Cooperative Ltd) products as well.

While the reasons for Kribhco disassociating from renewing the policy were not known, ITGI has stated it will have no liability on any bag of fertiliser of Kribhco brand.

The Sankat Haran policy, incidentally, is a personal accident insurance cover. It is being offered to the farmers (in this region) with every 25 kg purchase of fertiliser bag `of specified brand/product'.

The policy offers protection against physical injury or death, resulting from accident, and not a medical insurance cover.

As per the policy, a farmer would receive Rs 4,000 insurance cover with every 25 kg fertiliser purchase, and the same would be for a maximum of 25 bag or Rs 1 lakh/year and the fertiliser company pays the premium.

Industry sources say that the awareness level was quite high, particularly in fertiliser sales made through cooperatives.

The cover, sources say, is being extended to 2.5 crore farmers every year.

The policy was launched in 2001 and ITGI has, till date settled claims totalling Rs 23.07 crore.

ITGI is a joint venture between IFFCO and its associates and Tokio Marine and Nichido Fire Insurance Company in Japan. It has 72 offices across the country and is in the process of widening its network.

More Stories on : Life Insurance | Insurance

Article E-Mail :: Comment :: Syndication :: Printer Friendly Page



Stories in this Section
Western Union to expand network


RBI move to outsource rural banking flayed
ICAI mounts pressure on Govt to scrap order on bank auditors
Governor's survey of macroeconomy — India must be on guard
Karnataka Bank Q3 net up at Rs 42 cr
Sankat Haran policy only on IFFCO, IPL products
IRDA seeks review of health cover products
Dena Bank in pact with SMERA
Rising crude, changed outlook on rates pull down bonds
Control rooms in pipeline to settle credit card disputes
Union wants merger of PSU general insurers


The Hindu Group: Home | About Us | Copyright | Archives | Contacts | Subscription
Group Sites: The Hindu | Business Line | Sportstar | Frontline | The Hindu eBooks | The Hindu Images | Home |

Copyright 2006, The Hindu Business Line. Republication or redissemination of the contents of this screen are expressly prohibited without the written consent of The Hindu Business Line