What does PSSCI mean in INSURANCE
PSSCI stands for Pilot Scheme on Seed Crop Insurance. It is an agricultural insurance scheme launched by the Government of India to provide financial protection to seed growers against the risks associated with seed crop production.
PSSCI meaning in Insurance in Business
PSSCI mostly used in an acronym Insurance in Category Business that means Pilot Scheme on Seed Crop Insurance (India)
Shorthand: PSSCI,
Full Form: Pilot Scheme on Seed Crop Insurance (India)
For more information of "Pilot Scheme on Seed Crop Insurance (India)", see the section below.
Key Features of PSSCI
- Coverage: PSSCI covers seed crops specified by the Ministry of Agriculture and Farmers Welfare, including oilseeds, pulses, cereals, and fodder crops.
- Risks Covered: The scheme protects seed growers against losses due to natural calamities (such as drought, flood, cyclone, and hailstorms), pests, diseases, and other perils.
- Scope: PSSCI is implemented on a pilot basis in selected districts across India.
- Eligibility: Seed growers registered with the National Seeds Corporation (NSC) or State Seed Corporations (SSCs) are eligible for coverage under PSSCI.
- Premium: Seed growers are required to pay a premium to participate in the scheme. The premium rates vary depending on the crop and the district.
- Indemnity: In the event of a loss, seed growers are entitled to receive indemnity up to the sum insured. The indemnity amount is calculated based on the loss assessment and the coverage terms.
Benefits of PSSCI
- Financial Security: PSSCI provides financial protection to seed growers, reducing their risk exposure and ensuring their livelihood.
- Improved Seed Quality: By protecting seed growers from losses, PSSCI encourages them to adopt good agricultural practices, leading to the production of high-quality seeds.
- Increased Seed Production: PSSCI encourages farmers to invest in seed crop production, resulting in increased seed availability for the agricultural sector.
- Stabilization of Seed Prices: The scheme helps stabilize seed prices by reducing the risk of supply disruptions caused by natural calamities or other perils.
Essential Questions and Answers on Pilot Scheme on Seed Crop Insurance (India) in "BUSINESS»INSURANCE"
What is PSSCI?
PSSCI stands for Pilot Scheme on Seed Crop Insurance. It is a scheme launched by the Government of India to provide financial protection to seed crop farmers against losses due to natural calamities and other specified risks.
What are the eligibility criteria for PSSCI? A: To be eligible for PSSCI, farmers must meet the following criteri
To be eligible for PSSCI, farmers must meet the following criteria:
- Be a registered farmer with the state agricultural department.
- Cultivate eligible seed crops as declared by the scheme guidelines.
- Have a valid insurance policy under the scheme.
- Submit timely claims in the event of a loss.
What crops are covered under PSSCI?
The list of crops covered under PSSCI may vary depending on the state or region. However, typically, the scheme covers major seed crops such as paddy, wheat, maize, soybean, sunflower, mustard, and cotton.
What risks are covered under PSSCI?
PSSCI provides coverage against the following risks:
- Adverse weather conditions, such as drought, flood, hailstorm, and cyclone.
- Pests and diseases.
- Fire and lightning.
- Theft.
How much coverage is provided under PSSCI?
The sum insured and premium rates under PSSCI vary depending on the crop, region, and risk factors. Farmers can choose the level of coverage they need based on their specific requirements.
How do farmers apply for PSSCI?
Farmers can apply for PSSCI through designated insurance companies or state agricultural departments. They need to submit a proposal form along with relevant documents, such as land records and crop details.
When should farmers file a claim under PSSCI?
Farmers should file a claim under PSSCI as soon as possible after the occurrence of a covered loss. They should submit a claim form along with evidence of the loss, such as crop damage assessment reports or police reports in case of theft.
What are the benefits of PSSCI?
PSSCI provides several benefits to seed crop farmers:
- Financial protection against crop losses due to unforeseen events.
- Stability in income and reduced financial burden.
- Increased confidence and willingness to invest in seed production.
Final Words: PSSCI is a significant initiative by the Government of India to support the seed industry and ensure the availability of quality seeds for Indian farmers. By providing financial protection to seed growers, PSSCI contributes to the overall development of the agricultural sector and food security in the country.