Restructured Weather Based Crop Insurance Scheme (RWBCIS)
The RWBCIS was launched on 18th February 2016 by Hon’ble Prime Minister 12 states implemented the scheme in Kharif 2016 whereas 9 states have implemented the scheme in Rabi 2016-17. Approximately 15 lakhs farmers have been insured in the Kharif 2016 for 16.95 lakh ha of land at premium of Rs983.96 crore for a sum insured of Rs8536.53 crore as per figures available on 31.03.2017.
Weather Based Crop Insurance Scheme (WBCIS) aims to mitigate the hardship of the insured farmers against the likelihood of financial loss on account of anticipated crop loss resulting from adverse weather conditions relating to rainfall, temperature, wind, humidity etc. WBCIS uses weather parameters as “proxy‟ for crop yields in compensating the cultivators for deemed crop losses. Pay-out structures are developed to the extent of losses deemed to have been suffered using the weather triggers.
Weather Station (RWS) or Backup Weather Station (BWS) as the case may be, and the claims process shall commence once the weather data is received. Claims processing are strictly as per the insurance term sheets, payout structure and the Scheme provisions. All standard Claims are processed and paid within 45 days from the end of the risk period. The scheme is being administered by Ministry of Agriculture.