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About WeInsure

Save time on verifying claims

Insurance policies are transformed into smart contracts that will eventually help in automating claim processing, verification, and payment. It will provide several-fold advantages, for instance, saving time, reducing costs, and preventing potential fraud.

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Task Automation

Automating the insurance policy processing, claim handling, and payment using smart contracts to minimize the delay and rejection of crop insurance claims under the Pradhan Mantri Fasal Bima Yojana.

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Crop insurance

A collaborative blockchain-based crop insurance system for monitoring and processing the insurance transactions.

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Features Of WeInsure

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Pradhan Mantri Fasal Bima Yojana (PMFBY)

About Scheme

Pradhan Mantri Fasal Bima Yojana (PMFBY) scheme was launched in India by Ministry of Agriculture & Farmers welfare, New Delhi from Kharif 2016 season onwards. National Insurance Company started participating in PMFBY from Rabi 2016 onwards and covered 8 States and 2 Union Territories during the past 5 seasons namely, Rabi 2016-17, Kharif & Rabi 2017 and Kharif & Rabi 2018 covering 70,27,637 farmers. Farmers share of premium is Rs. 453 crores and with subsidy from State/Central Govts RS.1909 Crores, gross Premium is Rs.2362 Crores for the 5 seasons together. Whilst the claims of Kharif 18 and Rabi 18 are under process, we have closed the first 3 seasons with a gross premium amount of Rs.1804 Crores collected from 35,22,616 farmers and claims to the tune of Rs.1703 crores were paid, by which 17,66,455 no of farmers benefited, which shows almost 50% of the farmers insured were benefitted.

Coverage of Risks and Exclusions

Prevented Sowing/Planting/Germination Risk: Insured area is prevented from sowing / planting / germination due to deficit rainfall or adverse seasonal/weather conditions. 25% of the sum insured will be paid and the Policy will be terminated.Standing Crop (Sowing to Harvesting): Comprehensive risk insurance is provided to cover yield losses due to non-preventable risks, viz. Drought, Dry spell, Flood, Inundation, widespread Pests and Disease attack, Landslides, Fire due to natural causes ,Lightening, Storm, Hailstorm and Cyclone.Post-Harvest Losses: Coverage is available only upto a maximum period of two weeks from harvesting, for those crops which are required to be dried in cut and spread / small bundled condition in the field after harvesting against specific perils of Hailstorm, Cyclone, Cyclonic rains and Unseasonal rains.Localized Calamities: Loss/damage to notified insured crops resulting from occurrence of identified localized risks of Hailstorm, Landslide, Inundation, Cloud burst and Natural fire due to lightening affecting isolated farms in the notified area.Add-on coverage for crop loss due to attack by wild animals: The States may consider providing add- on coverage for crop loss due to attack by wild animals wherever the risk is perceived to be substantial and is identifiable.

Address

Location Call +01 1234567890 Email : demo@gmail.com

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Crop Insurace System for PMFBY based on Blockchain and Smart Contracts

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