Coconut Palm Insurance Scheme (CPIS)
Coconuts are an important commodity in the country as it has an extremely high export value. And the best part about coconuts is that they are perennials – that is they grow all along the year, unlike seasonal plants.
However, due to certain environmental factors like calamities or rampant pest attacks, one’s entire coconut cultivation may wipe out within hours. To save such massive losses, the government of India initiated the Coconut Palm Insurance Scheme or the CPIS.
Objective of the CPIS:
The primary objective of the CPIS is to protect coconut cultivators from incurring massive losses. However, this main objective can be further diversified as follows:
- To offer financial help to coconut cultivators by insuring their plantations against natural and climatic mishaps.
- To help balance the income for coconut cultivators especially in times when they lose their plantations to natural disasters
- To mitigate risk factors
- To encourage coconut palm replanting
- To restore coconut farming as active practice in the country
What are the risks covered by the CPIS?
- The CPIS covers risk factors like storms, hailstorms, typhoons, floods, and heavy rains.
- It also covers pest attacks
- Forest fires and bushfires and any form of accidental fire and fires caused by lightning is also covered
- Earthquakes, tsunami, and landslides are also covered by the scheme
- Drought, which may lead to the death of the palms trees are also covered
- Finally, losses that occurred due to theft, war, or rebellion are NOT covered by the CPIS.
To ensure the safety of coconut plants across the nation so that the cultivators can rest assured is primarily the agenda of the scheme.