Livestock Insurance Scheme

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Livestock Insurance Scheme

Recently the Central Government will reform the scheme to expand the coverage under ‘Pashudhan Bima Yojana’.

In view of the zero insurance coverage of livestock in the year 2022-23, the Central Government is considering starting a ‘Comprehensive Livestock Insurance Scheme’.

It will be built on the lines of Pradhan Mantri Fasal Bima Yojana.

As per the initial proposal, the premium can be waived off for cattle herders belonging to Scheduled Caste and Scheduled Tribe communities.

Currently, less than 1 percent of the country’s cattle is insured. Also, the average annual premium is 4.5 per cent of the sum assured.

The Comprehensive Livestock Insurance Scheme will replace the existing Livestock Insurance Scheme (LIS). LIS is a Centrally Sponsored Scheme. It was implemented regularly in 100 selected districts in 2008-09 by the then Fisheries, Animal Husbandry and Dairying Department.

Under this scheme, female cattle and buffaloes giving at least 1500 liters of milk per lactation cycle are considered as high milk producers. Hence, they are insured at a higher than the current market value.

The entire cost of subsidy is borne by the central government. Under this scheme, the benefit of subsidy is being provided for a maximum of 2 animals per beneficiary for a maximum policy of three years.

This insurance scheme is being implemented through the State Livestock Development Boards of the respective states. It is being implemented in all the states except Goa.

Objectives of Livestock Insurance Scheme (LIS)

  • To provide a safety net to the farmers and herders against any loss due to the death of their animal.
  • To make people aware about the benefits of livestock insurance. Also, to popularize it with the best aim of achieving qualitative improvement in livestock and their products.

Source – The Hindu

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