Agri-tech start-up FAARMS, in association with Reliance General Insurance Company Ltd. (RGICL), one of the largest private sector general insurance companies in the country, has introduced customized digital insurance solutions for the rural population especially the farmers. The partnership is aimed at offering comprehensive financial protection to the uninsured individuals of the country.
Faarms is a single point e-commerce platform for farmers for all farming related inputs from seeds, agrochemicals, machinery and animal feed in India. Currently Faarms is connected to farmers in Punjab, Haryana, UP, Uttarakhand, Rajasthan, Gujrat & MP.
Under this collaboration, not just the farmers but any individual from these regions can conveniently access and choose from a range of health and cattle insurance on the FAARMS app at the touch of a button on their smartphones. The features and offerings of the insurance products are specially customized by Reliance General Insurance keeping in mind the insurance requirements of the farmers. For instance, the premium cycles of these products have been structured around the harvest season to enable farmers to pay their insurance premiums conveniently. This will allow farmers to reap the benefits of uninterrupted insurance coverage.
“Reliance General Insurance has been known to come up with innovative Insurance products and it is a moment of pride for us to have an opportunity to work together for the farmers of our country. From just being an Agritech firm, we aim to become a Rural Tech company catering to the needs of rural Indians and this a step closer to our dream”, said Taranbir Singh, Co-founder & CEO of Faarms.
Anand Singhi, Chief Distribution Officer, Reliance General Insurance, said, ‘With around 60% of India's population still dependent on agriculture for their livelihood, farmers are the backbone of our society and bringing them under the insurance umbrella has become our priority. We are, therefore, very pleased to offer a set of insurance solutions specially customised with the goodness of heart and advancement of technology (Tech+ Heart) to provide wide financial protection to the farmers.'
He further added, 'FAARMS has been doing commendable work with the farmer communities in the remote villages of North and Central India. We are confident that our collaboration with FAARMS will help us make insurance accessible to everyone in the remote corners of the country. The partnership is in line with the Company's long-term goal of bringing every uninsured individual into the insurance ecosystem.’
“Fear of paying high premiums kept the farmers away from Insurance schemes but this product is going to be gamechanger which has been created keeping in mind the convenience of the community. Due to its affordable premium rates and the harvest season payment cycle, this product has garnered a lot of interest and acceptance among the rural population”, said Alok Duggal, Co-founder & COO of Faarms.
Recently, the brand signed up an MoU with Central Warehousing Corporation (CWC) under which FAARMS will have access to their warehouses across India that will help the company to deliver seeds, agrochemicals, biofertilizers, poultry and cattle feed to the farmers in the interior’s parts on time.
Faarms is also assisting small and medium scale producers of seed and livestock feed from North India to expand their distribution channel PAN India and have tied up with ICAR- Indian Agricultural Research Institute (IARI) - PUSA for delivering quality seeds to the farming community at their doorstep.