Organic Farming vs Conventional Farming: Pros & Cons

The outbreak of the COVID-19 pandemic has made it important for us all to stay aware and vigilant against infection. While you should take all the necessary precautions to protect yourself from catching the virus, knowing when symptoms of COVID-19 can manifest is equally important. Thus, if you are exposed to the virus, you can take timely action and safeguard yourself and others. One such important aspect of the COVID-19 virus is COVID 19 incubation period.

What is an incubation period?

After being exposed to and catching a virus, you do not become instantly ill. This is because the virus requires time to replicate and make copies within the cells in your body. It is only after the virus has multiplied and reached a high number in your body that you will begin to feel the symptoms.

Thus, an incubation period is a period between you first catching the virus and when your symptoms first begin to appear. The incubation period varies according to the kind of virus you have been infected with. For instance, the incubation period for the common flu is short, ranging from 1 to 4 days. On the other hand, incubation periods for viral infections like Hepatitis B are longer, with symptoms taking 60 to 150 days to appear.

What is the incubation period for COVID-19?

As of 2021, the incubation period for the novel coronavirus infection is around 2 to 14 days after exposure. According to a report published during the earlier stages of the pandemic, more than 97% of the people who contracted COVID-19 showed symptoms within 11.5 days of exposure. The average incubation period within which people with COVID-19 develop symptoms was estimated to be around 5 days.

However, with the emergence of the new Delta variant, the incubation period seems to have shortened. Since this variant replicate at a faster rate, the incubation period for it was 4 days, which was 2 days shorter than the 6 day period of the original strain.

What are the typical COVID-19 symptoms to look out for?

The symptoms most commonly found amongst COVID-19 patients have been:

• Fever
• Cough
• Fatigue

Other symptoms include chills, sometimes accompanied by frequent shaking, muscle aches and pains, shortness of breath, stuffed or runny nose, sore throat, headache, loss of smell and taste, etc.

The onset of symptoms may be ordered differently for different people. Also, while some people may experience mild and moderate symptoms, others might experience severe symptoms and can require hospitalisation or emergency care. People with co-morbidities, weakened immune systems, and old age are prone to developing intense symptoms.

To protect yourself from the COVID-19 virus, it is essential to follow protocol to stay safe. Make sure to wear a mask when you step out, wash your hands with soap and water, use sanitiser, and most importantly, get fully vaccinated for your safety. If you do test positive for COVID-19, isolate yourself and seek professional diagnosis and treatment if needed.

Now that you know more about the coronavirus incubation period make sure to watch out for symptoms so you can identify a COVID-19 case and protect yourself and others.

The pandemic has also shown us the importance of having health insurance. If you still don’t have medical insurance coverage, do reach out to a general insurance company today to cover yourself and your loved ones.

Disclaimer: The above information is indicative in nature. For more details on the risk factor, terms and conditions, please refer to the Sales Brochure and Policy Wordings carefully before concluding a sale.

When you apply for loans and credit cards, or in certain cases, purchase insurance products, your creditworthiness makes a difference in helping you procure the products and services. In India, the Reserve Bank of India (RBI) has licensed credit bureaus to collect and maintain your credit information. The credit bureaus generate a credit score based on your credit history. This three-digit score is an indicator of your creditworthiness. Currently, the two prominent credit agencies in India responsible for credit management are the Centre for Research in International Finance (CRIF) and the Credit Information Bureau India Limited (CIBIL). Read on to learn more about these credit bureaus and compare CRIF vs CIBIL.

CRIF vs CIBIL: What do the credit scores mean?

Before learning about the difference between CIBIL and CRIF credit scores, let us understand what they mean.

CIBIL credit score

The CIBIL credit score is calculated by India’s premier credit bureau – TransUnion CIBIL. Incorporated in the year 2000, CIBIL commenced its services as a consumer credit bureau in 2004 and became a commercial service entity in 2006. Banks and Non-Banking Financial Institutions (NBFCs) collect CIBIL credit scores to verify the repayment capacity of their applicants before approving funds on credit.

The CIBIL score is one of the many details present in the Credit Information Report (CIR) that CIBIL generates. The CIR reveals your past credit behaviour to prospective lenders to help them determine your eligibility for credit, interest rates, discounts on services, and other terms. The CIBIL credit score ranges between 300 and 900. A score close to 300 reflects a poor credit history, while anything above 750 is considered good for attracting competitive offers from lending institutions.

CRIF highmark score

The CRIF High Mark score is generated by the credit information and risk management company CRIF. Formerly known as High Mark Credit Information Services Private Limited, this entity was renamed CRIF High Mark, officially commencing its bureau operations in March 2011. CRIF High Mark generates Personal Credit Scores (PCS) and Business Credit Scores (BCS) for individuals and businesses, respectively. Similar to CIBIL, the CRIF High Mark score ranges between 300 to 900. Generally, a score of 750 is regarded as excellent for acquiring credit.

CRIF High Mark covers various borrower segments, including Micro, Small, and Medium Enterprises (MSME), commercial borrowers, microfinance companies, and retail consumers. It holds one of the largest databases of individuals and companies. With sophisticated algorithms designed to handle complex data, CRIF offers credit information, insights, analytics, data management, and software solutions to financial institutions.

CRIF score vs CIBIL score: The key differences

The prominent points of difference between CRIF and CIBIL are as under:

Parameters	CRIF Highmark Score	CIBIL Credit Score
Full Form	The full name of CRIF credit bureau agency is CRIF High Mark Credit Information Services Private Ltd.	CIBIL stands for Credit Information Bureau India Limited.
Acceptable score range	The CRIF Highmark score falls within the range of 300-900, where a score of 700 is deemed excellent.	CIBIL credit score typically ranges between 300-900, and a score of 750 is considered good to acquire credit from prospective lenders.
Licensing entity	The licencing entity for CRIF High Mark in India is RBI.	CIBIL is licensed by RBI, but owned and maintained by TransUnion, a private utilised company.
Weightage	The calculation of CRIF highmark score involves giving more weightage to the length of credit history and credit type.	The CIBIL score is calculated with more weightage to recent credit activity and credit inquiries.
Score criteria	The criteria for CRIF score computation include: Debt to income ratio Repayment history Outstanding credit Credit card applications Credit history period Credit utilisation ratio	The criteria for CIBIL score computation include: Credit tenure Outstanding debt New credit Overall credit mix Repayment record Credit utilisation ratio
Presence	CRIF High Mark has a global presence, spanning over 40 countries.	CIBIL is active predominantly in India, catering to the credit needs of over 1.4 billion people.

Stay protected with general insurance in India

Besides playing a pivotal role in helping you procure loans, CIBIL and CRIF scores are also considered for general insurance investments in India. Insurance providers typically believe that the better your credit score, the lower your chances of raising a claim. Since you are less likely to file claims, you can enjoy discounts on your insurance premiums. Also, investing in general insurance in India is considered responsible financial behaviour, which positively impacts your credit score, and by extension your credit borrowing abilities. As such, you must ensure your credit score is always in the highest range and take the necessary measures to maintain an excellent score of 750+ at all times.

FAQs

Which is better between CRIF vs CIBIL?

CRIF and CIBIL scores are both renowned credit agencies. In general, they work the same way in analysing your credit behaviour. The difference lies in the parameters and approach used to gauge your creditworthiness. So, the decision of which is better between CRIF score vs CIBIL completely depends on the personal preference of the lending institution.

Since the credit score range is almost the same, is CRIF score equal to CIBIL score?

No, even though the credit score range is similar, CRIF and CIBIL scores are not equal. They use different data sources and scoring models, which results in potentially different scores for the same person.

How do I boost my low credit score?

To boost your low credit score, you can pay your bills and credit card dues on time and avoid accumulating excessive debt.

Can I dispute incorrect information on my CRIF or CIBIL credit report?

Yes, you can. You can contact the respective credit agency, provide evidence of error, and request a correction. The credit agencies shall investigate the error and update your report with accurate information if applicable.

Do CRIF and CIBIL scores comply with data protection and privacy laws?

Yes, they do. Both CRIF and CIBIL source your credit information from recognised banks and financial institutions and follow legal guidelines. As a result, confidentiality and protection of your credit data are maintained.

Disclaimer: The above information is indicative in nature. For more details on the risk factor, terms and conditions, please refer to the Sales Brochure and Policy Wordings carefully before concluding.

Farming is a profession full of uncertainties. From unpredictable weather to pest attacks, farmers face risks that can lead to financial losses due to crop failures. To reduce these risks, crop insurance for farmers plays a crucial role. But what exactly is crop insurance?

This guide simplifies crop insurance, explains why it’s important and provides useful information on how it works.

What is Crop Insurance?

Crop insurance is a type of agricultural insurance designed to protect farmers from financial losses due to crop failures. These failures can result from natural disasters, pests, diseases, and other unforeseen events. By purchasing a crop insurance policy, farmers receive compensation for losses that affect their crops, helping them to recover financially and continue farming.

Why Crop Insurance is Important for Farmers?

Crop insurance is a safety net for farmers, as it:

• Protects Against Natural Disasters: It compensates farmers for damages from floods, droughts, and other calamities.

• Ensures Financial Stability: It helps cover costs like seeds, labour, and equipment after crop failures.

• Encourages Agricultural Growth: Farmers can invest in advanced techniques without fear of total loss.

The government often plays a role in promoting crop insurance in India through various schemes like the PM Fasal Bima Yojna, making it affordable and accessible for farmers across the country.

Types of Crop Insurance Available To Farmers

Several types of crop insurance schemes are available to cater to different farming needs. The most common ones include:

1. Yield-based Insurance: Compensates if crop yield falls below a guaranteed level.

2. Weather-based Insurance: Protects against adverse weather conditions impacting crop health.

3. Revenue-based Insurance: Covers losses when income is lower due to reduced yields or market prices.

Benefits of Crop Insurance for Farmers

There are several key advantages of crop insurance:

• Risk Management: Crop insurance protects farmers against losses from natural disasters such as floods, droughts, and hailstorms. Minimizes financial risks through compensation.

• Access to Credit: Farmers with crop insurance are often viewed as lower-risk by lenders, making it easier for them to obtain loans for expansion or investment in new equipment.

• Income Stability: There is more stability in farmers' income because insurance covers losses caused by lower yields or varying market prices.

• Encouragement to Invest: With the assurance of crop insurance, farmers are more likely to invest in modern agricultural practices and technologies. This can lead to improved productivity and efficiency.

In addition to these, many government-initiated crop insurance in India are subsidized, reducing the cost burden on farmers.

Related Blog: Impact Of Climate Change on Crops

How Does It Work?

1. Purchase the policy: Farmers must enroll in a crop insurance policy before a specified deadline each season.

2. Pay premiums: The cost of the premium depends on the type of coverage and crops grown, often subsidized by the government.

3. Report losses: If crops are damaged, farmers must report the losses to the insurance provider within a stipulated time.

4. Claim process: After verification, the insurance company processes the claim and compensates the farmer.

Documents Required for Claim Process

• Policy details and proof of premium payment.

• Identification documents such as Aadhar card or PAN card.

• Land records and details of crops insured.

• Report from the local agriculture office or revenue department confirming the extent of crop damage.

Renewal of Crop Insurance Policy

Renewing crop insurance is a straightforward process. Farmers must:

1. Review their current policy to decide whether they need to adjust coverage based on the previous year’s experience.

2. Renew before the deadline specified by the insurance provider to ensure continuous coverage.

3. Submit necessary documents, including updated crop and land details if there are changes from the previous year.

Also Read: Post-Harvest Losses in PMFBY

Conclusion

Crop insurance is an important tool for farmers, offering protection against unpredictable events and ensuring financial stability. If you are considering crop insurance, consider SBI General Insurance for its comprehensive and affordable plans designed to meet the needs of Indian farmers. Their policies cover a wide range of risks, ensuring that you can focus on farming without worrying about uncertainties.

Frequently Asked Questions

1. Is crop insurance worth it?

Yes, crop insurance is worth it as it safeguards farmers from significant financial losses caused by crop failure, offering peace of mind and financial support during tough times.

2. How to get crop insurance?

Farmers can get crop insurance by approaching insurance companies, and government agencies, or enrolling in government-subsidized schemes like the Pradhan Mantri Fasal Bima Yojana.

3. How much does crop insurance cost?

The cost varies depending on the type of crop, area, and insurance coverage chosen. However, most policies are heavily subsidized, making them affordable for farmers.

4. Why does the Government provide crop insurance to farmers?

The government provides crop insurance to protect farmers from natural disasters and economic hardships, promoting agricultural sustainability and rural development.

5. Is crop insurance tax deductible?

In many cases, the premium paid for crop insurance is considered a business expense, making it tax deductible under agricultural income.

6. What types of natural calamities does the crop insurance cover?

Crop insurance typically covers natural disasters like floods, droughts, hailstorms, cyclones, and frost.

7. Is crop insurance subsidized by the Government?

Yes, in India, crop insurance is largely subsidized by the government, reducing the financial burden on farmers.

8. Is crop insurance mandatory for farmers?

A crop insurance policy is not mandatory, but it is highly recommended, especially for farmers taking agricultural loans, as it offers a vital safety net against potential crop losses.

Disclaimer: The above information is indicative in nature. For more details on the risk factor, terms and conditions, please refer to the Sales Brochure and Policy Wordings carefully before concluding a sale.

The world of insurance can be intriguing, especially when you are bombarded with short forms like GMC and GPA insurance policy. You may wonder what the GMC and GPA full forms are, what they are, what’s the difference between the two, and many more questions. Well, GMC stands for group medical coverage, and GPA stands for group personal accident. Both these insurance policies are valuable tools for corporate employees that can help protect them in different circumstances. So, let’s explore the basics —GMC vs. GPA and understand more about these. Keep reading!

What is GMC (Group Medical Coverage) Insurance Policy?

In the insurance business, GMC refers to group medical coverage. GMC is a group protection plan that covers a group of people, typically a set of employees from one company.

The plan covers everyone's health insurance needs. GMC is customizable, and the level of coverage is determined by the type of GMC policy selected, the total number of employees covered, the employee's salary and age, the company's domain, or industry, and more.

GMC insurance is less expensive than individual plans because the risk of insuring is spread out among a large number of people. The company either bears the entire premium or divides it proportionally among the employees according to the coverage selected. Employees have the option to make payments for the premium by direct GMC deduction from their salaries.

GMC insurance can be one insurance plan or include extra riders/add-ons for additional coverage.

Benefits of GMC Insurance Policy

Now, after having seen what GMC coverage is, let us look at some of the benefits of GMC:

• Hospitalisation coverage, which includes pre-hospitalisation and post-hospitalisation support for diagnostic testing and medicine costs.
• Expenses for daycare treatments that do not necessitate overnight hospitalisation.
• Some policies provide coverage for employees' spouses and children, including maternity and infant coverage for newborn children.
• Covered employees can also receive cashless care at network hospitals.

What is GPA (Group Personal Accident) Insurance Policy?

A GPA policy is a type of personal accident insurance that is issued to a set of employees and provides specified financial support in the event of an accident-related disability, injury, or death.

GPA insurance is not very flexible and provides a predetermined set of advantages and features to all covered employees. Because of the divided risk of coverage, GPA policies have cheaper premiums than single personal accident insurance.

The GPA coverage premium will be provided by the employer or deducted from the employees' salaries.

A GPA insurance plan provides personal accident coverage to its workers not just on office premises and during working hours, but also when they are off duty and travelling outside of the city or country.

Benefits of GPA Insurance Policy

Having covered what GPA coverage is, let us explore some of the benefits of GPA:

• If the insured employee dies as a result of an accident, his or her family will get a predetermined death benefit.
• If an accident causes a permanent or temporary total or partial impairment, the insured employee will get predetermined compensation.
• GPA insurance covers ambulance charges.
• Some GPA insurance additionally covers the costs of transporting the deceased, as well as funeral expenses.
• A few GPA insurance policies will pay the school expenses of a maximum of two dependent kids in the event of the insured employee's accidental death.

GPA Vs GMC: Know the Difference

Points of Differentiation	GPA Policy	GMC Policy
Definition	Insurance coverage that provides financial compensation in the event of an accident-related disability, injury, or death.	An insurance policy that provides coverage for health care to a group of people.
Coverage Type	Pays a set amount based on the insurance terms.	Reimburses the exact expenses incurred. Up to the stated sum insured limit. Indemnity-based coverage.
Coverage	Covers accidental harm, death, and disability. Restricted to employees only.	Hospitalisation, diagnosis, prescriptions, emergency department visits, and maternity fees are all covered. Employees, partners, and kids all get coverage benefits.
Individuals covered	In general, a GPA only covers employees; it does not extend to family members.	GMC provides coverage for employees and, in some situations, dependent family members like spouses, children, and parents.
Suitable for	High-risk sectors where employees are subject to some sort of risk, such as construction and mining.	Diverse settings, regardless of the work nature and the industry.
Customisation	Fixed benefits allow for only limited customisation.	Flexible per employee number, industry, and job.
Purpose	Provides financial assistance in the event of an unintentional injury.	Ensures that all members of the group have a means of medical care.
Claim Process	Documentation must be produced for the incident, the injury or damage, and the subsequent effects.	Submit medical bills and documents to the insurance provider for reimbursement.
Exclusions	The detailed list will be included in the policy's wording; however, here are some of the common exclusions: Injuries other than those caused by an accident, such as attempted suicide, participation in adventurous sports, or involvement in criminal activities.	The detailed list will be included in the policy's wording; however, here are some of the common exclusions:  Treatments that are not included in the policy. Addiction to alcohol or drugs, self-inflicted injuries,  HIV or AIDS, cosmetic procedures, and other issues.
Premiums	Influenced by coverage amount and group characteristics.	Based on variables such as group size, demography, and coverage limits.

Choose Your Insurance Wisely

GPA and GMC are group insurance policies serving distinct functions in corporate insurance. For a range of medical expenses, group medical coverage (GMC) provides a wide safety net, while for accidents, it offers group personal accident (GPA). Your decision on which one to choose will depend on your specific needs and financial plan. In making a health insurance decision, look for the probability of accidents occurring in your line of duty and your general financial situation in mind. To get a more rounded approach to financial planning, you should ensure that you have both coverages: GMC and GPA.

FAQs

1. Are part-time workers insured by the GMC or GPA?

   Usually, this is only applicable to full-time employees. Nonetheless, depending on the insurer and negotiations between employers, contract-based or part-time employees are entitled to a GMC or GPA.

2. Is it compulsory to have a GPA for my staff?

   No, that would be wrong. However, a combination of both can be quite beneficial if you have both a GPA plan and an add-on from your GMC.

3. Can I get both GPA and GMC insurance simultaneously?

   Yes. Some companies offer combined plans combining both the benefits of GMC and GPA into one policy option. You may also consider adding GPA coverage to your current health insurance plan.

Disclaimer: The above information is indicative in nature. For more details on the risk factor, terms and conditions, please refer to the Sales Brochure and Policy Wordings carefully before concluding a sale.