Oriental Insurance Company & Prudent Insurance selected for implementation of Livestock Insurance Scheme in Maharashtra




By the staff correspondent:


In a major boost to the farmers in Maharashtra, The much-awaited Centrally Sponsored livestock insurance scheme shall be finally implemented by MLDB for 2018-19 with the support of Prudent Insurance & Oriental Insurance Co. Ltd. The scheme will directly benefit the 1.37Cr farmers across the state of Maharashtra to insure the losses due to e death of their Livestock. Maharashtra is estimated to have a population of about 3.25 Cr animals, the Cattle & Buffalo comprises of about 2.10 Cr in number. The death due to unforeseen circumstances shall be indemnified & the losses for the farmers will be mitigated


Milind Tendulkar, Senior Divisional Manager, Oriental Insurance Co. Mumbai, quoted a a competitive premium rate of 2.7% of the Sum Insured for Insuring the livestock in Normal areas whereas 2.9% in the LWE areas against the quote of 4.75% by New India Assurance Co. Ltd, Ahmednagar during the offline bidding process held at the Commissionerate of Animal Husbandry, Pune on May 30, 2018


The bid by Oriental & Prudent was unanimously approved by the Board of Directors of MLDB in its meeting dated June 22, 2018. The scheme attracts a subsidy of 50% of premium from an equal share by Central & State Govt.


The scheme shall largely benefit the prospects of Mahadev Jankar, Minister for ADF in Maharashtra Cabinet for his forthcoming MLC elections on July 16, 2018


The agreement shall be executed between MLDB, Oriental & Prudent on the lines of Uttarakhand Livestock Development Board on July 11, 2018 in Nagpur, subsequently the farmers shall be able to avail the benefit of the scheme


With the General Elections & State Elections scheduled to be held in less than a year from now, the Govt authorities shall be introducing & monitoring such popular schemes for the benefit of the masses. 


By http://worldnewsnetwork.co.in/

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