ISLAMABAD: Prime Minister Shaukat Aziz has said that launching of crop insurance scheme by the National Insurance Company Limited (NICL) in collaboration with the various financial institutions would be a major breakthrough in protecting the interests of the farmers and help boost the agriculture economy of the country.
The prime minister said this while chairing a meeting, which approved in principle the proposals by NICL to launch various insurance schemes to facilitate farmers and low income group of people. The meeting was held at the PM's House here Thursday.
Aziz said that crop insurance scheme offered by the NICL to the borrowers of agriculture loans is an excellent initiative and will bring about a positive change in the life of the farmers and enable them to secure better prospects of income.
He also appreciated the proposal and approved in principle the launching of micro-insurance by NICL for the low income borrowers in collaboration with the micro-finance banks. The insurance will cover loss of life, accident, health and property. It also incorporates to secure the interest of low income group so that they will not to be affected due to any unforeseen happening. The prime minister said that the scheme will take care of the risk exposure and economic distress of low income group in a very comprehensive way.
The meeting also approved NICL's insurance scheme for the inbound international business travellers, which cover all risk at a very low premium. The prime minister while lauding the scheme said that the initiative will promote business activities in the country, will help build the confidence of the foreign businessmen and promote foreign investments in Pakistan.
He underscored the need for a better marketing and distribution strategy to guarantee success of the schemes. He said that government is well aware of the need of the low income group people and would take all possible measures to facilitate them so that they can live a better life and improve their standard of living.
Earlier, in his presentation, the chairman NICL apprised the meeting that all the three insurance schemes have been prepared under the directives of the prime minister and it would help build confidence of low income group people. He further informed the meeting that the vision behind offering crop loans to the borrowers of agriculture loans is to protect the interest of the farmers to the extent of its exposure to any natural calamity.
The meeting was attended by the Federal Minister for Commerce, Humayun Akhtar Khan, Dr. Salman Shah, Advisor to PM on Finance and other senior officials.