New insurance scheme introduced for tea nurseries and cultivations
Photo: NewswireAI summary · 1 min read
1 min readFrom 2 outlets- Newswire reports that the scheme covers damage from floods, droughts, landslides, diseases and pest infestations beyond growers’ control.
- Newswire says nursery plants may be insured for Rs. 35 each per year.
- Newswire reports cultivation cover of up to Rs. 1 million per acre, lasting from planting until harvesting begins, for a maximum of four years.
- Newswire says eligibility depends on registration and compliance with Tea Research Institute recommendations.
Newswire reports that the Agricultural and Agrarian Insurance Board has launched insurance for tea nurseries and cultivated plots. The Board falls under the Ministry of Agriculture, Livestock, Lands and Irrigation. Ada Derana (සිංහල) also reported a scheme for tea nurseries and cultivation, without providing further details.
Newswire says the policy applies to losses caused by uncontrollable events, including flooding, drought, landslides, diseases and pest outbreaks. The Board says the plan is intended to reduce growers’ financial exposure and support the tea sector. Newswire notes that tea is a significant source of Sri Lanka’s foreign-exchange earnings.
Newswire reports that nursery insurance is calculated at Rs. 35 for each plant per year. For tea cultivation, the insured sum can be as high as Rs. 1 million per acre, with protection available for up to four years from planting new tea plants until harvesting starts. Newswire says the annual premium for both types of cover is 6% of the insured amount.
Newswire reports that eligible nurseries and cultivation must be registered with the Tea Small Holdings Development Authority or recorded as businesses, and operators must follow guidance from the Tea Research Institute. Newswire says growers can seek details at the Board’s district offices or by calling 1918.
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