During the last summer, thousands of coconut palms perished due to natural disasters or extreme heat. Some of them wilted away under uncontrollable pest attacks. This summer, the New Coconut Palm Insurance Scheme will safeguard the farmers against losses they may have to suffer from natural reasons like droughts, floods, cyclones, cloudbursts, storms, wildfires and elephant raids. It also guards against pests and wilt attacks.

Farmers who own at least 5 healthy coconut palms between the ages of seven and sixty can avail the scheme. The insurance will be applicable upon two different segments-the palms less than 15 years in age and those between 16 and 60.

The palms less than 15 years can be insured with Rs. 9 per palm payable as Rs. 2.25 from the farmer, Rs. 2.25 from the government and the rest from the Coconut Development Board. The palms between 16 to 60 years can be insured by paying a premium of Rs. 14 per palm. The Coconut Development Board will pay Rs. 7 and the rest will be shared 50-50 by the state government and the farmer.

The premium can be paid directly to the insurance company or through the Krishi Bhavan. Upon loss due to any of the reasons covered by the scheme, the farmer must approach the Agriculture Insurance company within two weeks. The insurance amount, Rs. 900 for a palm less than 15 years old and Rs. 1750 for those older, will be paid to the farmer within a month of filing such application.