November 23, 2021 | Investopaper
The Insurance Board has introduced a production-based coffee farming insurance policy. To make Nepal’s agricultural sector commercial, the board has brought a new policy through which coffee farming can also be insured. Coffee farmers will be able to insure their farms for a period of less than one year or more.
Coffee farming insurance policy will cover the damage caused by a fire in the field. In addition, if the insured farmer dies in an accident during the insurance period, the insurer will pay Rs. 200,000.
The sum insured for the policy will be calculated on the basis of the coffee plants and production. The premium will be 5 percent of the sum insured. For the accident insurance of the farmer, Rs Five hundred will be added to the insurance premium. The government will provide a 75 percent subsidy on the premium amount.