In a historic moment for all yak owners in the country, the National Insurance Company Limited (NICL) has officially approved an insurance policy for animals.
This will meet the longstanding demand from yak owners for financial assistance in the face of climatic vagaries and uncertainties.
The demographic trend across the country shows that the yak population has declined at an alarming rate. Additionally, as a result of climate change, inexplicable changes in weather conditions have been reported in yak farming areas across the country.
In one of these cases, more than 500 yaks died in a single period of heavy rains in the northern Sikkim region in 2019, placing a heavy financial burden on owners.
Due to the relentless efforts of the ICAR-National Yak Research Center (NRC), an insurance policy has been approved for yaks by National Insurance Company Limited which will protect yak owners from the risks posed by disasters. weather, illnesses, transit accidents, surgeries and strikes or riots.
ICAR-NRC Yak Director Dr Mihir Sarkar called it a historic development in providing financial security to yak herding communities in Arunachal Pradesh, Sikkim, Ladakh and the ‘Himachal Pradesh. He added that it would be a great boon in the direction of yak conservation and sustainable yak breeding.
According to the policy, an indemnity of 80% of the insured amount or the market value, whichever is less, would be provided for all yaks from 2 to 10 years at a premium rate of 4% for one year and 10% for three years.
For yaks covered by any scheme, a premium beyond three years would be charged at the rate of 1.6% per annum. In addition, different discount rates are available for groups of yaks not covered by any scheme. Additional coverage with an increase of 25% on the premium rate in the event of death due to snowfall is a special feature of this policy.
In order to insure the animals, yak owners must have their yaks ear marked and provide an appropriate description. To obtain the claim, the owner must submit a completed claim form, a death certificate from a practicing veterinarian, an autopsy report and an ear tag.
In addition, there must be a waiting period of 15 days to claim the amount, i.e. the death of an animal due to disease within 15 days of the onset of the risk is not not payable. “