Livestock Insurance in India
The Indian Livestock Industry is on the brink of another green revolution that makes it more lucrative and profitable, as the total agriculture production in India is likely to double in the next ten years that too in an organic way. Man Insurance companies offers Livestock Insurance Policy for protection of Indian rural people from financial loss due to death of their animal, which is one of the most valued possessions of the rural community.
Around 50 million households in India depend on livestock for sustenance. Livestock acts as insurance for households that depend on agriculture for income. For close to 18 million households, livestock is the primary source of income. While the share of agriculture in the GDP has declined over the years, the share of livestock in agriculture – GDP has steadily been on the rise.
Livestock risk management aims at improving the value of livestock and reducing the vulnerability of low income households. There are two components to risk livestock management – risk reduction and risk transfer, both aiming at soothing premium levels. Sadly, risk reduction mechanisms have not been functioning efficiently.
- Diseases contracted
- Surgical Operations
- Riot and Strike
- Malicious or willful injury
- Disease contracted prior to commencement of risk
- Intentional slaughter of the animal
- Theft and clandestine sale of the insured animal
- War, invasion, act of foreign enemy
- Transport by air and sea
- Duly completed claim form
- Death certificate from a qualified veterinary surgeon
- Policy / Certificate
- Ear tag