The Livestock Insurance Scheme is a centrally sponsored scheme. Under the Livestock Insurance Scheme, the crossbred and high yielding cattle and buffaloes are being insured at a maximum of their current market price. The premium of the insurance is subsidized to the tune of 50% and the entire cost of the subsidy is paid by the Central Government. The benefit of subsidy is being provided to a maximum of 2 animals per beneficiary for a policy of a maximum of three years.
The Livestock Insurance Scheme: Benefits
The Livestock Insurance Scheme is a rural insurance policy designed to offer insurance cover to indigenous cattle owned by farmers, cooperative societies, dairy farms etc. The Scheme will assure security in case of death of cattle shall be provided for:
- Natural accidents like flood, famine, earthquake, etc.
- Unpredictable circumstances which are accidental in Origin
- Surgical Operations
- Terrorist Act
- Strikes and Riots
- Civil Commotion risk
The Livestock Insurance Scheme: Determination of market price of the animal
In the Livestock Insurance Scheme, an animal will be insured for the maximum of its current market price. The market price of the animal to be insured will be assessed jointly by the beneficiary, authorized veterinary practitioner and the insurance agent.
The Livestock Insurance Scheme: Eligibility
The large, small or marginal Farmers and cattle rearers having the crossbred and high yielding cattle and buffaloes.
The Livestock Insurance Scheme: Implementing Agency
Department of Animal Husbandry, Dairying & Fisheries is implementing the Centrally Sponsored Scheme of National Project for Cattle and Buffalo Breeding (NPCBB) with the objective of bringing about genetic up-gradation of cattle and buffaloes by artificial insemination as well as the acquisition of proven indigenous animals. NPCBB is implemented through State Implementing Agencies (SIAs) like State Livestock Development Boards. In order to bring about synergy between NPCBB and Livestock Insurance, the latter scheme will also be implemented through the SIAs. Almost all the states have opted for NPCBB. In states which are not implementing NPCBB or where there are no SIAs, the livestock insurance scheme will be implemented through the State Animal Husbandry Departments.