Agritech startup nurture.farm and insurance brokers Digisafe have announced their partnership to offer KAVACH – a weather-based cash guarantee program launched for nurture.farm farmers.
Farmers using the startup’s services can enroll in the program.
As a pilot, farmers in Maharashtra and MP can purchase this blanket at a nominal price. KAVACH offers farmers a cash rebate of up to Rs 500 per acre against unseasonal rainfall.
Highly customized to local weather data, the KAVACH will transfer payments directly to a farmer’s bank account if rainfall exceeds a pre-set limit. Farmers would not need privacy for claims. Instead, payments will be automatically triggered based on IMD weather data.
Commenting on the occasion, Dhruv Sawhney, Business Leader and COO, nurture.farm said, “Offering KAVACH is a progressive step towards improving farmer resilience. Through this service, we encourage behavioral change among farmers by encouraging them to adopt financial protection tools. Since every season, every region faces weather-related calamities, we want to cover our farmers against these weather-related adversities. Through KAVACH, we have set the payment parameters so that farmers benefit based on localized weather conditions. Automatic payouts, which occur in a timely manner within a week of the rainfall breaking, will be a game changer. We want to expand this to 3,00,000 farmers this year.
Posted: Tuesday, March 29, 2022, 12:11 p.m. IST