Itis an insurance scheme available only to plantation crops, for which insurance can no longer be availed from PM Fasal Bima Yojana.
It covers small growers of Rubber, Tea, Coffee, Tobacco and Cardamom having 10 ha or less landholding.
It will cover income loss arising out of yield loss due to non-preventable risks viz. drought, dry spells, flood, pest and diseases, hailstorm etc and price fluctuation due to fall in international/domestic prices below the average price of last 5 years excluding the current year.
RISPC is an improved form of the Price Stabilization Fund (PSF) Scheme.
The scheme is compulsory for growers registered with the respective Commodity Boards (CBs) and it is implemented on pilot basis in 7 states.
The scheme will operate on the principle of ‘Area Approach’ and Commodity Board in consultation with the concerned State Government shall designate an area as Insurance Unit (IU), which can be a village panchayat or any other equivalent unit.
Losses arising out of war and nuclear risk, malicious damage and other preventable risks are excluded.