The Agricultural and Agrarian Insurance Board has introduced a new insurance scheme for tea plant nurseries and tea cultivations, offering coverage of up to Rs. 1 million per acre against natural disasters and other risks.
The Board, operating under the Ministry of Agriculture, Livestock, Lands and Irrigation, said the initiative aims to protect tea cultivators from financial losses and encourage the development of the tea industry.
The insurance scheme covers damage caused by uncontrollable natural disasters, including floods, droughts and landslides, as well as uncontrollable diseases and pest infestations.
According to the Board, the scheme is available to tea nurseries and cultivations registered with the Tea Small Holdings Development Authority or registered as businesses, provided they follow the practices recommended by the Tea Research Institute.
Under the scheme, tea plant nurseries are eligible for an annual insured amount of Rs. 35 per plant.
Meanwhile, tea cultivators can obtain maximum insurance coverage of Rs. 1 million per acre for a period of up to four years, covering the period from the planting of new tea plants until the commencement of harvesting.
The annual insurance premium for both tea nurseries and cultivations has been set at 6% of the insured amount.
The Board said the initiative aims to safeguard Sri Lanka’s tea industry, which contributes significantly to the country’s foreign exchange earnings, while encouraging tea growers.
Further information can be obtained from the district offices of the Agricultural and Agrarian Insurance Board or by contacting its hotline via 1918. (Newswire)
