Policy snapshot
Crop Insurance compensates farmers for crop loss or damage due to natural calamities, pests, or weather fluctuations.
What is Crop Insurance?
Crop Insurance protects farmers against yield loss due to weather, pests, or natural disasters. It’s crucial for financial stability in rural India.
What can it cover?
- The policy covers damage during sowing, growing, and harvesting stages due to drought, flood, hailstorm, pests, or disease. Based on district-level yield estimates, payouts are made to enrolled farmers regardless of individual assessment.
Who should consider it?
- Farmers with seasonal or annual crops, FPOs, agri-startups, and contract farming firms, Lenders and microfinance institutions (as credit-linked cover).
Key features to understand
- Governed by PMFBY (Pradhan Mantri Fasal Bima Yojana)
- Covers sowing risk, yield loss, post-harvest risk
- Premiums subsidized by Govt. (up to 98%)
- Area-based yield estimation and payout
What deserves attention before you buy?
Coverage, exclusions, sub-limits, deductibles, waiting periods, warranties and underwriting can vary between insurers and policy versions. The policy wording and schedule remain the definitive contract. Novo can help you review the relevant terms for your requirement.
Read the wording, not just the brochure
The schedule and policy wording determine the actual contract.
Compare meaningful differences
Look at exclusions, limits, deductibles, conditions and claim requirements—not premium alone.
Think beyond purchase
Servicing and claims-related support can matter as much as placement.