200 Dairy Farmers to be First to get Insurance Packages
More than 260 dairy farmers will be the first recipients of insurance packages implemented the under Fiji Cooperative Dairy Company Limited (FCDCL).
The announcement was made by FCDL chief executive officer Sachida Nand at the Suva Business Centre yesterday. These farmers are registered under FCDL.
“This is a historic occasion for the first time our dairy farmers will be able to receive the protection of insurance cover.
“Majority of the dairy farmers registered are from areas such as Burebasaga, Naluwai, Viria, Muaniweni, Waidawara and Waidalice,” said Mr Nand.
“Besides, we also welcome other farmers to apply especially those who are engaged with the agriculture sector in the country.”
He said with this new initiative it will assist dairy farmers and their performance as it provides them with greater security and encourages increased investment to their farms. Mr Nand said the dairy farmers insurance package had been made possible by the engagement of FCDCL with the Pacific Financial Inclusion Programme (PFIP) and FijiCare Insurance Limited for their hard work and support of this landmark initiative.
The insurance offers consumers added convenience and potential cost savings by combining multiple insurance coverages in one package, one insurance policy. It includes a term life, funeral expenses, fire insurance on the house and household property of farmers and personal accident coverage at a standard, low and affordable price.
Fiji Care’s microinsurance has a combined cover limit of FJ $10,000 per insured farmer for a cost, or premium of FJ $52 per year ($1 a week). The $10,000 limit covers:
1)Life and Funeral (up to age of 65) – FJ $4,000. • Term Life – In the event of death of the insured, a total of $3,000 will be paid to the beneficiary. •Funeral – A total of $1,000 will also be paid for funeral expenses of the insured.
2) Personal Accident (up to age of 65) – Maximum FJ $3000 •This provides protection for any injury that results in partial or total disability of the insured person because of an accident.
3) Fire – Maximum FJ $3,000
This insurance results from the findings of field research undertaken in October last year by PFIP and FCDCL on a sample group of dairy farmers.
The study found that many farmers did not have any form of insurance and that they would be willing to take and pay for insurance that was affordable.