Livestock Insurance Scheme Full Details.

Livestock Insurance Scheme

Livestock Insurance Scheme:-

Livestock Insurance Scheme is a centrally sponsored scheme, which was implemented in the year 2005-06 and 2006-07 of the 10th five year plan and in the year 2007-08 of the 11th five year plan in 100 selected districts of the country. Livestock Insurance Scheme is being run regularly in 100 selected districts of the country.

Pashudhan Bima Yojana has been started with the following two main objectives:- 

To provide security to the farmers and livestock owners for the loss caused by the death of animals. This was done to popularize the benefits of Pashudhan Bima Yojana and to promote the quality development of Livestock Insurance Scheme and its products with the ultimate goal.

Under the Livestock Insurance Scheme, the insurance of indigenous and hybrid milch animals depends on their market value. The premium of Livestock Insurance Scheme is refunded up to 50%. The entire cost of the grant is borne by the Central Government. The benefit of the grant is available to a maximum of two cattle per beneficiary only for a policy of not more than three years.

Note :- This scheme is being implemented by the respective State Livestock Development Board in all the states except Goa.

Selection of beneficiaries and animals included in the scheme

Indigenous and hybrid milky animals and buffaloes will be included in this scheme. All cattle other than lactating animals and non-milk animals, such as pregnant animals, which have given birth to at least one calf, will be covered under the Livestock Insurance Scheme.

Such animals which are included in any other animal insurance scheme will not be included in this scheme.

The profit of the grant has been fixed up to 2 animals of each beneficiary and one animal can be insured for 3 years only.

Farmers will be encouraged to take 3-year policy under the Livestock Insurance Scheme, which is useful in getting the benefits of insurance in case of natural calamities like floods and droughts. If any animal owner wants to take insurance for less than three years, then he can also get the insurance done and he will be provided a grant on premium to get the same animal insured for the next year.

Determination of the value of animals in the market:-

The insurance of any animal depends on its market value. The market value at which the insurance is done is done jointly by the beneficiary, the authorized vet and the insurance agent.

Identification of Insured Animals:-

The insured cattle will be properly identified at the time of claim for the sum insured, hence the ear marking of the animal should be preserved. An in-ear microchip should be used at the time of taking the policy. The cost of affixing the identification mark will be borne by the insurance company and it is the responsibility of the beneficiary to keep the identification mark safe. The nature and content of the marking will be decided by the insurance company and it is done with the consent of both the beneficiary and the insurance company.

Change of ownership in insurance period:-

If the insurance policy has not expired and the animal is sold, then the benefit of insurance will be given to the new owner. Decision of sale deed etc. for the fee and transfer of livestock policy should be taken at the time of contracting with the insurance company.

The purpose of the Livestock Insurance Project 2022 project

The main objective of the insurance scheme is to provide insurance cover to dairy and mass producing animals. Under this scheme, if any animal dies, the insurance company will pay the amount of compensation. So that the economic condition of cattle farmers is protected from deterioration. Under this scheme, the government will also subsidize the premium paid to the insurance company. So that more and more pastoralists can be encouraged to apply for this project.

Settlement of claim:-

If the claim is left behind, the sum assured must be paid within 15 days from the date of submission of required documents.

How to apply for livestock insurance scheme?

The process of applying for a livestock insurance scheme are in below.

If you want to apply for an insurance scheme, follow the procedure given below-

  • First you need to go to the official website of the Department of Animal Husbandry and Daring.
  • Now the home page will open.
  • Now you need to find the link to the insurance application and click on it.
  • All the information asked in the application form such as name, address etc. should be filled carefully.
  • Now click on submit button.

This will complete the application process for Livestock Insurance Scheme.


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