Crop Loan Insurance Scheme
On the directives of the Prime Minister, the MOF introduced the Mandatory Crop Loan Insurance scheme for five major crops to willing borrowers. In order to share risk of farmers against natural calamities, NRSP Bank offers free crop loan insurance scheme to all borrowers receiving production loans for major fields crop and Willing to avail this insurance scheme.
Under This Scheme:
Provided to: All bank borrowers receiving production loans for Wheat, Cotton, Rice, Sugarcane, Maize
Insurance Cover: Based on the per acre borrowing limits
Period Covered: From Sowing to Harvest
Fee Charge to Customer: Free
Coverage for following instances:
- Natural calamities like Excessive rain, Hail-storm, Frost, Flood and Drought.
- Crop related diseases like viral and bacterial attacks, or any other damage caused to the crop like locust attack etc.