The implementation scope of full cost insurance and planting income insurance for the three major grain crops has been expanded to include all rural departments in major grain producing counties | premium | insurance
CCTV News: The Ministry of Finance, the Ministry of Agriculture and Rural Affairs, and the State Administration of Financial Supervision and Administration issued a notice on July 13th to expand the implementation scope of the full cost insurance and planting income insurance for the three major grain crops to all major grain producing counties in China.
According to the notice, starting from this year, the implementation scope of full cost insurance and planting income insurance for the three major grain crops of rice, wheat, and corn will be expanded to all major grain producing counties in China, providing insurance coverage for farmers and agricultural production and operation organizations to cover the full cost of agricultural production or planting income.
Among them, full cost insurance is an agricultural insurance that covers the total cost of agricultural production, such as materialized costs, land costs, and labor costs, with the insured amount covered; Planting income insurance is an agricultural insurance that reflects the price and yield of agricultural products, and covers the level of protection for agricultural planting income.
From the perspective of specific subsidy plans, the level of protection for both types of insurance should not exceed 80% of the corresponding product output value in principle. According to relevant regulations, the subsidy ratio is based on a provincial-level financial premium subsidy of no less than 25%, with the central government providing a subsidy of 45% for the central and western regions and the northeast region, and a subsidy of 35% for the eastern region.
![The implementation scope of full cost insurance and planting income insurance for the three major grain crops has been expanded to include all rural departments in major grain producing counties | premium | insurance](https://a5qu.com/upload/images/7146d809ad4d15de69f3a7e110065099.jpg)
From the perspective of specific insurance plans, the insurance liability of full cost insurance should cover local major natural disasters, major pests and rodents, accidents, wildlife damage and other risks, while the insurance liability of planting income insurance should cover income losses caused by fluctuations in agricultural product prices and production. The insurance premium rate is determined based on the principle of principal and minimal profit. The underwriting institution should ensure that the comprehensive cost rate of agricultural insurance does not exceed 20%.