Contributing to Indian Economy

GST Logo
  • GST Suvidha Kendra

  • H-183, Sector 63, Noida

  • 09:00 - 21:00

  • Everyday

Livestock Insurance

Contact Us

Livestock Insurance

Livestock Insurance

Livestock Insurance

gst suvidha kendra ads banner

Introduction

The livestock insurance scheme was not implemented throughout the country. In the year 2005 2007 on the 10th five-year plan, it was implemented on a pilot basis. After that in the year, 2007 on the 11th five-year plan government will select 100 new districts for this scheme. After 2008 this scheme was implemented on regular basis for selected newly 100 districts of the country. Military on this scheme was subscribed as a component tilt risk management and insurance. For the national livestock mission, this is a submission of livestock development.

Livestock insurance scheme coverage
As we discuss that at the starting of this scheme was not implemented in all districts of the country. However, on 21st may 2014 this scheme was implemented in all districts of the country.

What are the things to be covered under the livestock insurance scheme?
This scheme is basically for providing insurance to animals. There are a lot of animals covered under this scheme such as The indigenous/crossbred milch animals, pack animals (Horses, Donkey, Mules, Camels, Ponies, and Cattle/Buffalo Male), and Other Livestock (Goat, Sheep, Pigs, Rabbit, Yak, and Mithun, etc.) are covered under the purview of this component.

Central assistance
the government will provide a subsidy and it will be restricted to 5 animals per beneficiary per household only. The subsidy will not provide for sheep, goats, pigs, and rabbits. In other words, we can say that benefit of subsidy restriction is based on cattle units. However, one kettle unit is equal to 10 animals. if the beneficiary is less than five animals for one cattle unit then she/he can avail all benefits of subsidy.

ComponentPattern of assistance
Premium rates for one-year policy in
● Normal Areas - 3.0% NER / Hill areas / LWE
● affected areas -3.5%, Difficult areas - 4.0 %
Normal areas
Central share 25%, State share 25% and Beneficiary share 50% for APL, and Central share 40%, State share 30%, and Beneficiary share 30% for BPL / SC / ST
Premium rates for three-year policy in Normal Areas -
● 7.5%, NER / Hill areas / LWE
● affected areas - 9.0%
● Difficult areas - 10.5 %
NER / Hill areas / LWE affected areas
Central share 35%, State share 25% and Beneficiary sh are 40% for APL, and Central share 50%, State share 30%, and Beneficiary share 20% for BPL / SC / ST

Difficult Areas
Central share 45%, State share 25% and Beneficiary share 30% for APL, and Central share 60%, State share 30%, and Beneficiary share 10% for BPL / SC / ST

Process of livestock insurance

before insuring any animal in a livestock insurance scheme the government will grant insurance over animals on the current market price. the insurance will be provided to the owner over the animal in the presence of a veterinary officer or BDO. The minimum price value of insurance will be a sign of rupees 3000 per liter day yield of milk. But there is an exceptional case for the cow there minimum insurance price value is rupees 4000 per liter per day yield of milk. There will be any dispute over the price fixation it can be handled by gram Panchayat/ BDO.

Identification of the animal must be required at the time of insurance claim. This can be only differentiated with the help of year tagging on animals. There will be a microchip in the modern technology present inside the clip which is used for ear tagging. They will attack which is always present on the animal and it also contains a unique identification number on it. With the help of this requirement and the agency, there will be no issue create between them and it will also help in settlement of claims on accounts during utilization of existing tag.

At the time of processing, insurance user will require these things on priority

  • One photograph of the animal
  • One photograph of an animal with the owner

If the owner of the animal has been changed during the insurance policy period them the policy or the insurance will be automatically transferred to the new owner.

These documents are going to be required while taking the insurance company

  • Imitation with the insurance company.
  • Insurance policy paper
  • Claim form
  • Postmortem report

In case of payment become due then the insurance amount will be because within 15 days after the submission of documents. However on the other side if the insurance company failed to settle the claim after 15 days of submission document. Then insurance company must pay 12% of compound interest per year to the beneficiary

gst suvidha kendra ads banner

Share this post?

Anurag Srivastva
Wish to Earn 50,000 Rs/Month ?Download Free Business Proposal
Download Now
Shares