Livestock Insurance Scheme 2020: When we buy a vehicle, we also have to comply with the maintenance charge that it comes with.
It has to be given every month for servicing so that it runs properly and also so that the oil and everything else remains proper. For an engine to run it has to be oiled and serviced so that it does not rust with time.
Livestock Insurance Scheme 2020
• Similarly, when it is about purchasing livestock, we need to be careful and make necessary arrangement to safeguard our investment.
• The Livestock Insurance Scheme, a centrally sponsored scheme, and its aim was to focus on the same and 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.
• The scheme is being implemented regularly since 2008 an is now in 100 newly selected districts of the country.
• Under the scheme, cattle and buffaloes are being insured at a maximum of their current market price.
• The premium of the insurance is subsidized to 50% and the entire cost of the subsidy is being paid by the Central Government.
• The benefit of subsidy is provided to a maximum of 2 animals per beneficiary for a policy and the maximum duration is of 3 years.
• The scheme is being implemented in all states except Goa through the State Livestock Development Boards of respective states.
• The scheme is proposed to be extended to 100 old districts covered during pilot period and more species of livestock including indigenous cattle, yak & Mithun.
There are a couple of things to keep in mind while getting the premium from a private company, are as follows:
1) Check if the company is providing a discount on various parameters such as the experience of the driver, the age of the vehicle, type of vehicle, security features, etc. because these are reasons on which you can get a rebate.
2) Check if the company that you are investing in is authentic or not because there are many that appear for a certain amount of time and then disappear.
3) Make sure that the agent informs you of all the terms and conditions associated with the policy so that there are no discrepancies later on about the claim.
With government schemes such as Livestock insurance scheme, you don’t need to look anywhere and just avail the benefits.