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Farm insurance plan for India planned

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The Indian government is formulating an insurance product for farmers in the country that would insure them against losses from natural calamities, Business Standard reported.

The proposed National Agriculture Income Insurance Scheme would be run on a pilot basis from 2015-16.

The insurance would provide coverage to farmers for at least seven years.

"The farm income insurance scheme will have two components — price-based insurance and yield-based insurance," Radha Mohan Singh, India's Union Minister of Agriculture, said.

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