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Fintech Firm mooPay Announces Heat Index Insurance Plan to Farmers

The plan aims to provide financial compensation to mooMark dairy farmers to offset income loss due to a fall in milk productivity during heat waves in the summer

Fintech Firm mooPay Announces Heat Index Insurance Plan to Farmers

Outlook Start-Up Desk

POSTED ON June 02, 2023 3:44 PM

Stellapps’ fintech arm mooPay, in partnership with IBISA Network, HDFC ERGO and Gramcover, has launched a heat Index-based insurance plan for farmers. 

The plan aims to provide financial compensation to mooMark dairy farmers to offset income loss due to a fall in milk productivity during heat waves in summer. The cover guarantees insurance benefits for farmers if, over 60 days starting from May 1st, temperatures exceed the specified limits for a predetermined number of days, with region-specific parameters. 

The company has noted in a statement that the claim settlement process is simple and hassle-free. The insurer takes the data of temperature trends for the insured period from a pre-agreed public database and compensates the claimant as per the prescribed benefits slab. 

In the first phase, mooMark is offering this insurance as a part of its loyalty programme. This policy has claimed to cover around 7000 farmers, in five districts, across four states for a total sum of over Rs 1.3 crore. Farmers are informed of this plan at the village-level collection center and through Stellapps' smartfarms app. 

Jinesh Shah, Managing Partner of Omnivore, said, “This is a commendable step towards mitigating the impact of climate change on farmers. This plan will provide them with financial support, promote resilience, and foster long-term agricultural sustainability.”

Commenting on this partnership, Rahul Mallick, CEO of mooPay said, “At Stellapps’ mooPay, we are reimagining financial products for rural consumers. Working towards this vision, we have partnered with Gramcover to provide India’s first Heat Index linked insurance product to protect dairy farmers from the financial loss from extreme heat-related stress on milch cattle. Farmers will get the benefits of this unique cover directly in their bank account, which will also drive confidence in other insurance products.

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