Sponser

Why it is essential to insure your animal?

Insurance
UPDATED: January 4, 2019

Livestock sector is an important sector for both national and rural sectors. Farmers are depended on the livestock for crop productions. Farming is a source of income for the poor farmers. For promoting livestock/animal sector, it is essential to think about the animals when they die due to illness or accidents etc. To provide help to the farmers for the disease control and improvement of genetic quality of the animals, a mechanism of assured protection must be provided to the farmers and the cattle rearers and hence there is the need of Animal insurance comparison.

A centrally sponsored livestock insurance scheme was implemented on a pilot basis during 2005-06 and 2006-07 of the 10th Five Year Plan and 2007-08 of the 11th Five Year Plan in 100 selected districts. It is then used on a regular basis on 2008-09 in 100 newly selected districts of the country. The premium of the insurance is subsidized to 50% and the entire cost of the subsidy is borne by the Central Government.

The scheme provides help to the farmers and the cattle rearers against any eventful loss of their animals due to accidental death or death by natural causes and the benefit of the insurance of the livestock is given to the farmers. To get the real benefit of the insurance during natural calamities like flood and drought, it is advisable that the farmers must opt for a three year insurance.

insurance for your animal

How the process works?

When you are claiming money for your insurance, the animal is properly and uniquely identified. When you are taking the policy, your animal is either provided a tag in his ear or a microchip is placed. Cost of the identification mark is borne by the insurance company and is maintained by the concerned beneficiaries. The nature and quality of the tagging material is mutually decided by the beneficiary and the insurance company. For proposing insurance for your animal, the documents required are – photo of the owner, photo of the animal with the ear tag.

Conclusion

Since, the economic conditions of the farmers are not so good, they need public support to protect their animals from any kind of disease or accidents etc. This is when you will get help from the policy if your animals are insured. Whatever is the current price of the animal, insurance coverage will be the maximum of its price. The insured price is assessed jointly by the beneficiary, authorized veterinary practitioner and the insurance agent.

Recommended For You