India, Sept. 3 -- The Agricultural and Agrarian Insurance Board (AAIB), operating under the Agriculture, Livestock, Lands and Irrigation Ministry, has taken steps to introduce a new insurance scheme for damage to fruit crops.
AAIB Chairman Pemasiri Jasinghearachchi said that the insurance scheme includes crops recommended by the Agriculture Department such as pineapple, papaya, and banana.
Under this new insurance scheme, which aims to cover the risks of farmers engaged in fruit cultivation, they will have the opportunity to receive compensation of Rs. 300,000 to Rs. 400,000 per acre for crop damage.
Under this scheme, farmers have been given the opportunity to obtain insurance coverage by paying only 7 percent of the basic sum insured a...