Agri-tech start-up FAARMS, in collaboration with Reliance General Insurance Company Ltd. (RGICL), one of the country's largest private sector general insurance companies, has launched customized digital insurance solutions for the rural population, particularly farmers. The collaboration aims to provide comprehensive financial protection to the country's uninsured citizens.
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, it is connected to farmers in Punjab, Haryana, UP, Uttarakhand, Rajasthan, Gujarat & 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 customized 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.’
