Kolkata, Feb 27 () State-owned AgricultureInsurance Company of India Ltd currently licensed for cropinsurance in the country, sought the regulator's approval todiversify into more agricultural and rural insurance products,a top company official said on Thursday.
The single product insurance company said it aims atoffering "comprehensive" insurance solution for the ruralpopulation rather than restricting itself to crop insurance.
"We want to launch a comprehensive insurance policyand already applied with the Insurance Regulatory andDevelopment Authority for their permission," AICIL chairmanand managing director Malay Kumar Poddar said.
He was talking to reporters on the sidelines of TheBengal Chamber organised Rural Connect 2020.
Poddar said he expects the IRDA approval in the nearfuture for rural comprehensive insurance product that willcover all areas related to agriculture, aquaculture, animalhusbandry and farm equipment.
He also expects to bring down the cost of cropinsurance with the comprehensive policy by covering all risksof a farmer's livelihood.
AICIL offers crop insurance to West Bengal's tailoredproduct after the state did not roll out the Pradhan MantriFasal Bima Yojana (PMBFY).
West Bengal agriculture chief advisor to the chiefminister Pradip Kr Mazumdar said the state offers cropinsurance free of cost to all farmers.
In PMFBY, a farmer has to bear the cost of 2 per centof the sum assured while the rest is borne by the Center andrespective state governments.
AICIL said during last Kharif crop in Bengal it hadcovered 35 lakh farmers in 15 districts. BSMNN NN
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