The Rubber Board, Ministry of Commerce and Industry on December 21, 2023, issued a notification regarding the Restructured Weather Based Crop Insurance Scheme (RWBCIS) for Rubber.
The company is the implementing agency for Pradhan Mantri Fasal Bima Yojana (PMFBY) in Kerala. Pradhan Mantri Fasal Bima Yojana is an umbrella scheme where yield based claim settlement scheme PMFBY, the based claim settlement scheme WBCIS and the Individual approach scheme Coconut Pam Insurance Scheme CPIS are the components.
Govt. of Kerala vide its notification has notified the Weather Based Crop Insurance Scheme (WBCIS) in Kerala for another 3 years i.e. from Kharif 2023 to Rabi 2025-26 season. The Govt. of Kerala has included Rubber under WBCIS. The mature rubber plantation wherein the age of the tree is above 7 years can be insured under the scheme. The Weather-Based Crop Insurance Scheme (WBCIS) is implemented across all districts in Kerala. This scheme is operated on a hybrid approach i.e. Area approach and the Individual approach. The claims under the scheme are based on Weather Data regarding the Area approach which would be settled at the end of the season and based on the Individual approach for heavy wind, landslide and inundation which are notified as Localised Calamities Perils.
This scheme being a welfare scheme that is operationalised on a huge subsidy by the Central and State Govt. will reap its intention only when an adequate number of farmers are participating in the scheme. The Sum Insured under this scheme for rubber is Rs. 1,00,000/- per Ha and the farmers' premium for the same is Rs. 5,000/- per Ha.
