Agritech startup nurture.farm and Digisafe insurance brokers announced their partnership on offering KAVACH - a weather-based cash guarantee program launched for nurture.farm farmers. Farmers using the startup's services can enrol in the program. As a pilot, the farmers of Maharashtra and MP can buy this coverage at a nominal fee. KAVACH offers farmers a cashback up to Rs 500 per acre against unseasonal rainfall. Highly customised as per local weather data, the KAVACH will transfer payouts directly to a farmer's bank account if rainfall breaches a pre-set limit. The farmers would not need to intimate for claims. Instead, the payouts will be automatically triggered based on the IMD weather data.
Commenting on the occasion, Dhruv Sawhney, Business Head and COO, nurture.farm said, "Offering KAVACH is an incremental step towards enhancing farmer resilience. Through this service, we are nudging a behavioural change in farmers by encouraging them towards embracing financial protection tools. Since every season, every region faces weather-related calamities, we wish to cover our farmers against such weather-related adversities. Through KAVACH, we have defined the parameters of cash out so that farmers will benefit based on localised weather. The automatic payouts, which happen timely within a week of the rainfall breach, will be a gamechanger. We wish to extend this to 3,00,000 farmers this year."
The Digisafe Insurance brokers Founder Mr Suman Roy Choudhury said, "We are extremely excited to partner with a leading agtech startup like nurture.farm. A financial protection tool such as KAVACH is unprecedented in the rural sector. With this partnership, we can extend risk mitigation to farmers who will highly benefit from such coverage. KAVACH will play a significant role in increasing insurance penetration in the agriculture sector, especially in rural areas, where it is staggeringly low."
Within three weeks of its launch, more than 1,21,000 KAVACH have been availed by 30,000+ farmers across nine states, covering 280 districts.
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