Status of Livestock Insurance in India and A Complete Guide: An Evidence-Based Review

Abstract

Thousand precautions seem worthless when accidents occur. An iota of ‘risk’ can lead to accidents which may be disastrous for an individual farmer. Majority of the rural farmers have single livestock unit or may be two. Any uneven situation or natural calamity whether disease outbreak, accidental fire, earthquake, cyclones, floods, etc. may lead to loss of animal life, ultimately distressing the poor farmer whose sole source of income perishes. To manage these inadvertent situations and safeguard their livelihood, it becomes mandatory for the livestock farmers to ensure the safety of their livestock by insuring them. Livestock sector plays an eminent role in India’s economy and also in the welfare of the rural population. Not only it provide the farmers with nutritional and livelihood security but can also be sold for earning money when there is need. Thus keeping in mind the sustainability of livestock, it is imperative to urge farmers for livestock insurance.