Empowering Farmers: How Cattle Insurance Supports Rural Livelihoods
Being a predominantly agrarian society, India heavily relies on livestock for agricultural activities, mostly in rural areas. Including cows and buffalos, cattle play a crucial role in the nation’s dairy industry, contributing majorly to milk production. So, similar to various other types of property or investment, cattle are susceptible to risks and uncertainties. To keep such risks at bay and safeguard the interests of farmers, cattle insurance is emerging as a valuable tool in India.
Let’s explore the essential aspects of cattle insurance in India, comprising its benefits, coverage, and process, as well as the option of acquiring such policies online.
What is cattle insurance?
Often referred to as cow insurance as well, cow insurance is a risk management tool that provides financial protection to cattle owners against the loss of their livestock owing to various perils. A form of livestock insurance, it covers risks like accidental death, theft, death, and natural calamities.
What are the key advantages of cattle insurance?
Cattle insurance offers many essential benefits to farmers and livestock owners. Here are the key benefits of opting for cow insurance online that proves to be an added advantage for cattle owners:
Providing Financial Security
Since livestock is a highly valuable asset for farmers, they often have to face severe financial consequences in the event of any loss or damage to their cattle. This is precisely why getting their cattle insured provides the livestock owner with an indispensable safety net. Opting for cow insurance provides compensation to farmers against any losses incurred, ensuring financial stability, especially in challenging times.
Protecting Livelihood
Cattle and livestock farming often serve as the main source of livelihood and income for several rural households. Cattle insurance enables farmers to protect and sustain their income stream even in the face of adverse conditions.
Mitigating Risks
Cattle face various heavy risks such as diseases, theft, and accidents. Cow insurance online helps mitigate such risks by providing coverage against these unforeseeable setbacks, allowing farmers to focus on agricultural activities without hindrances and constant worries.
Accessing Credit
In addition to the aforementioned benefits, cow insurance also enables farmers to access credit facilities from financial institutions. Lenders tend to have a high chance of offering loans or credit to farmers who have insured their livestock since it mitigates the risks associated with lending.
Coverage under Cattle Insurance
Cow insurance policies in India typically provide coverage for the following risks:
1. Accidental Death: The policy compensates the owner in case of the animal’s accidental death due to causes such as accidents, falls, or drowning.
2. Disease and Illness: Insurance policies cover the medical expenses incurred for treating cattle, often prone to diseases, including veterinary services and medication costs.
3. Theft: In the unfortunate event of cattle theft, the insurance policy compensates the owner for the market value of the stolen animal.
4. Natural Calamities: Cattle insurance also provides coverage against natural calamities such as floods, earthquakes, cyclones, or lightning strikes that may result in the death or injury of the insured animal.
Obtaining Cattle Insurance Via A Certified Broker
There are multiple ways in which farmers can obtain cattle insurance. While online platforms are a popular choice in metro-cities and nearby areas, the lack of internet penetration and unavailability of smart devices especially in rural areas makes it ineffective for farmers in such regions. This is where Policy Ensures unique Phygital business model, which enables insurance access to reach the grassroots levels in India, has proved to be a major game-changer for farmers.
Farmers can leverage Policy Ensure physical presence on the ground through a certified Point of Sales Person (PosP) to understand all available options in their bid to find the cow insurance that successfully caters to their specific needs. Amid the lack of awareness and non-availability of credible infrastructure, farmers in the non-metro regions can achieve financial stability on the back of a tailored cattle insurance policy in the event of an untimely death of their cattle or covered diseases.
Insure Your Cattle With Policy Ensure
An important part of the Indian economy, cattle rearing provides livelihood to many marginal, small, and medium farmers in the country. That’s why cattle insurance remains pivotal for farmers and livestock owners to safeguard their investments and, in turn, their livelihoods. But, lack of awareness and internet penetration in rural areas often denies farming communities of such regions an opportunity to get the best out of cattle insurance which can further trigger financial instability during unfortunate events pertaining to their cattle. With Policy Ensures certified PosPs, farmers in non-metro cities can now gain access to professional advice and expertise from reliable insurance advisors who can guide them in procuring the cow insurance they truly need.
