Cattle Insurance is suitable for the farmer who owns the cattle and the banks/financial institutions who have financed for the purchase of cattle under IDP/ District Rural Development Scheme / Drought Prone Areas Programme Schemes.
Special Features of Cattle Insurance
1. In a Cattle Insurance, the word cattle refers to Cows & Buffaloes, Stud Bulls, Bullocks, He Buffaloes, Calves & Heifers.
2. Cattle Insurance policy is usually given for a period of 12 months or for a long term of 3 to 5 years as per term of loan.
3. The Insurance policy covers risks such as loss due to death, accident, illness or disease of the animal.
4. A Certificate from the qualified veterinary officer is necessary for accepting the proposal and also to fix the value of the cattle which forms the basis for loss settlement in Cattle Insurance policy.
5. The policy also covers transit of cattle from the place of purchase to stable located within 80 K.M. For transit above the stipulated distance, additional premium @ 1% is charged.
Benefits of Cattle Insurance
1. Cattle Insurance pays for the market value of the animal prior to the accident or the sum insured whichever is less.
2. A certificate from the veterinary surgeon will be necessary to claim the amount in the case of death of the cattle.