VAE 511: Livestock Entrepreneurship (1+0)

Types of Insurance

TYPES OF INSURANCE IN LIVESTOCK SECTOR

• Livestock insurance in India is a multi-agency programme.
  • General Insurance Corporation (GIC) along with its subsidiaries – United India Insurance Company Ltd., New India Assurance Company Ltd., Oriental Insurance Company Ltd., and National Insurance Company Ltd., is carrying out livestock insurance. The insurance market was liberalized only in the year 2000. After this, understanding the volume of business, private sector (BASIX-Royal Sundaram) have also entered into the market. The type of insurance, procedure, claim details, etc. are listed below.

• Cattle Insurance
  • Under this insurance, animals are covered against death due to diseases or accident (including fire/lightning/famine/flood cyclone) surgical operation, strike, riot, civil commotions risk.
    
  • Generally there are three types in it:
    • Cattle insurance,
    • Foetus (Unborn Calf Insurance) and
    • Calf heifer rearing insurance.

• Sheep and Goat Insurance
  • This scheme is also governed under Market Agreement.
  • Policy provides indemnity to indigenous cross-bred and exotic sheep and goat against death due to accident (including fire, lightening, flood, cyclone, famine, strike, riot and civil commotion) and disease.
  • Earthquake and landslide covers are also provided. Standard and common exclusions apply as per Cattle Policy.
  • Animals are identified by means of small brass buttons ear tags.
  • Animals under scheme category enjoy certain benefits in premium rate and claim procedure.

• Pig, Horse, Donkey, Yak, Mule insurance etc., are also available.
• Poultry/Duck Insurance
  • The cover is available to the poultry/duck farm owned by the farmers.
  • Insurance covers all types of exotic and cross breed poultry birds and ducks against death due to accident (including fire, lightning, famine, riot and strike and civil commotion) or diseases as per Poultry Insurance Policy.

• Animal Driven Cart Insurance
  • This insurance covers carts, tongas and coaches drawn by buffaloes, bulls, bullocks, horse, mule, donkeys and camels and also the animals pulling it. T.P. liability and death, disablement of the driver as per Animal driven cart Insurance policy.