The Agricultural and Agrarian Insurance Board has introduced a new insurance scheme for seed paddy production farms, formulated after requests from farmers.

The scheme covers damages from floods, droughts, pest attacks, and wild elephant incursions. 

Farmers paying a premium of Rs. 13,600 per acre per season can claim compensation of up to Rs. 180,000 per acre.

The Board stated the main objective is to encourage seed paddy production. 

Farms must be registered with the Seed Certification Service (SCS) of the Department of Agriculture to obtain coverage.