October 17, 2015
The Government is coming out with a special insurance cover for the benefit of agriculture sector, Milind Kharat, Chairman and Managing Director of United India Insurance, said.
A Uniform Package Policy is being worked out for the benefit of farmers, which will cover crop, personal accident, health and agricultural implements, he told reporters. The Insurance companies are in discussion with the Agricultural Ministry with regard to formulating the policy, which would be finalised in a few days, Kharat said, adding that he would not be able to give the time frame for the announcement of policy.
His company will shortly introduce an exclusive insurance product for the benefit of SME sector, Kharat said. Instead of having separate insurance schemes for different things, like building, machinery, the risk cover will be in one package, which would benefit the sector, depending on the requirements, he said.
Kharat was here to inaugurate a community hall, as part of its Corporation Social responsibility, in association with Rotary Central of Coimbatore, at Kudanoor tribal village at Anaikatti in the outskirts. When asked about Government Insurance companies’ Third Party Administrator (TPA), the official said that four insurance companies have already got
approval from IRDA.
The pilot project has been launched in Delhi and a full-fledged administrator will start functioning from April 1 next year, he said. To a question on company’s performance, Kharat said that it was growing at the rate of 11 per cent, as against the general average of 10 per cent and expected the trend to continue during the coming years.