Govt pays Rs1.5b under crop insurance
PHOTO: FILE
The Punjab government paid premium worth Rs1.5 billion to insurance companies during last three years from 2018 to 2021 to provide security cover to farmers against losses in case of natural disasters under government’s crop insurance (Takaful) scheme.
Agriculture spokesman said in a statement on Thursday that crop insurance scheme was introduced in Kharif 2018 and its scope was widened up to 18 districts from Kahrif 2019 season.
The registration process was launched for farmers in districts including Sheikhupura, Sahiwal, Lodhran, Rahim Yar Khan, Faisalabad, Multan, Muzaffargarh, Narowal, Rajanpur, Bakhar, DG Khan, Kasur, Bahawalnagar, Bahawalpur, Okarà, Vehari, Khushab, Jhang and other districts.
Farmers were offered insurance cover for crops including cotton, wheat, sunflower and canola against potential losses caused by climate change, natural disasters and locust.
Farmers owning up to five acre land were given 100% subsidy on premium payment while those having landholding 5-50 acres were allowed 50 per cent subsidy.
Published in The Express Tribune, September 24th, 2021.