Farming families face risks that most urban insurance products do not account for - crop failure, kisan credit card loans, accidental death during harvest, and irregular income making regular premium payment difficult.
LIC solutions for farmers:
1. Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) Government scheme, ₹436/year, ₹2 lakh death cover. Start here if premium affordability is a concern.
2. LIC Jeevan Anand (914) - For farmers with stable income Doubles as a savings instrument. Maturity amount can pay off kisan loans. Death benefit protects family from outstanding loans.
3. LIC New Money Back 20yr (920) - Matches agricultural cycles Money back every 5 years aligns with medium-term agricultural investments (tractor, irrigation, land).
4. Accident cover through LIC riders ADDB (Accident Death and Disability Benefit) rider provides double SA on accidental death - important for farm equipment accidents.
Key advice for farmers:
- ▸Choose yearly premium mode - aligns with post-harvest cash flow
- ▸Nominate both spouse and children
- ▸Keep premium commitment within 10% of annual agricultural income
- ▸Always take accidental death rider
I have served farming families in Gorakhpur, Deoria, Kushinagar, and Maharajganj for 31 years. Call 9415313434 to discuss what works for your specific situation.
