The ICICI Lombard has come up with a very good insurance product for Indian farmers who are the most important and yet the most neglected segment of our society. Lombard Insurance along with Weather Risk Management Services has come up with hybrid weather cum satellite imagery based insurance product for farmers in India. Although weather based crop insurance products are not new to Indian agriculture but the distinctive feature of this product is that it uses satellite based imagery to assess crop yields. With the help of this product farmers would take relatively lesser time to estimate the yield of an area by conducting crop cutting experiments. This new product would also help crop monitoring and predicting more accurate food grain production, thus benefitting the farmers tremendously to plan their sales and also the government to avert the possibility of any shortage in food grain production.
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