Dairy technology provider Stellapps’ fintech arm mooPay, in partnership with IBISA Network, HDFC ERGO and Gramcover, has launched a unique Heat Indexbased insurance plan for farmers.
The cover provides financial compensation to farmers of mooMark, the dairy supply chain arm of Stellapps, to offset income loss due to a fall in milk productivity during heat waves in summer. The cover guarantees insurance benefits for farmers if, over 60 days starting from May 1, temperatures exceed the specified limits for a predetermined number of days, with regionspecific parameters, the company said in a statement.
The claim settlement process is simple and hasslefree. The insurer takes the data of temperature trends for the insured period from a preagreed public database and compensates the claimant as per the prescribed benefits slab. Each insured cattle is eligible for a cover of a maximum of Rs. 2,000. Currently, the insurance cover extends to one cattle per household.
