Dairy farmers microinsurance scheme pays first claim
1 June, 2018, 10:00 pm
FIJI Co-operative Dairy Company Limited’s (FCDCL) CEO Sachida Nand says the micro-insurance scheme, launched just two months ago, is already benefitting dairy farmers.
Mr Nand made the comment after the late Luisa Singh’s family became the first beneficiary of the dairy farmers micro-insurance scheme with FijiCare Insurance Ltd this week.
“Our farmers needed this added financial security. It means that they don’t have to borrow money in ways that may not be in their interests, and that could leave them in a poorer financial situation,” he said.
The late Mrs Singh had inherited from her husband a 45-acre farmstead at Naluwai settlement in Vunidawa, Naitasiri consisting of 68 cattle, dalo and other cash crops.
The family was visited by Mr Nand, FijiCare officials and representatives of the UN’s Pacific Financial Inclusion Programme (PFIP) on Monday to pay their respects and they also presented a $1000 cheque for funeral expenses under the scheme.
FijiCare managing director Peter McPherson said a further $3000 was payable to the family under the scheme once the death certificate was presented.
*About the microinsurance scheme:
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:
- Life and Funeral (up to age of 65) – FJ $4000.
- Term Life – In the event of death of the insured, a total of $3000 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 $3000