ISLAMABAD: Punjab government has launched Crop Insurance Scheme (Takaful) to protect the income of farmers against unfavorable circumstances.
According to a report quoting Punjab Agriculture Department, in the first phase, the scheme has been launched in Sheikhupura, Sahiwal, Lodhran and Rahim Yar Khan for the ongoing Kharif season 2018.
Under this scheme, 100 percent subsidy on Insurance Premium for land owners up to 5 acres while 50 percent subsidy on Insurance Premium for land owners from 5 Acre to 25 Acres will be borne by the government.
This scheme is applicable during its first phase on cotton and Rice fields.
In the second phase, Insurance (Takaful) will be applicable on more crops including Sugarcane, Maize, Wheat, Orchards and Vegetables.
Under this scheme, compensation will be done in case of natural calamity or low yield.
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