Wednesday, 23 Oct 2019

Animal Insurance for Phoenix Insurance to Protect Enclosures

In order to ensure the financial security of the bastards, animal insurance was launched by the non-life insurance company Phoenix Insurance Company. The objective of this insurance plan is to improve livestock livelihoods, including the identification of radio frequency, proper location and health maintenance of livestock. This is the first such insurance plan in Bangladesh, the Phoenix Insurance Commission said. According to company data, cattle and buffaloes will be covered primarily by insurance. The insurance company will provide compensation if the insured animal is stolen or lost and died in an accident or illness.

In addition, if you have a permanently paralyzed and paralyzed animal for humanitarian reasons, you will receive compensation for yeast. The maximum amount insured per insured will be Tk 2 lakh 5 thousand. The premium will be determined on the total value of the livestock. In this case, the premium will be paid at a rate of 2.5 percent per annum to the risk of death of the animal funded by the animal scheme or various government projects. In the case of always full pain, the premiums will be 5%. However, in the case of Scheme Animal, there is no risk of theft or loss. On the other hand, the annual premium for mortality for unplanned animals or cows outside the government scheme was set at 8.5 per cent.

The premium is 2.52 percent at risk of being robbed or lost, and 5.5 percent for a permanently disabled person. In the case of exotic cows, the risk of death should be 8.5% plus an additional 2% premium. Company authorities say that the insurance claim will be paid within 7 days after the survey report and the relevant documents are received by the company. In case of death settlement and lost insurance claim, the insured amount will be paid up to the highest price or current market value. However, for each insurance claim settlement, a 5% discount or discount will be applied to the claimed number. Animal insurance services for villagers are provided through 4 Phoenix Insurance branch offices throughout the country.

Insurance can also be taken from the head office of the company. The company also said it has signed a reinsurance agreement with Swiss Re, the world-renowned reinsurance company, to ensure customers receive insurance claims. Rafiqur Rahman, director and secretary of Phoenix Animal Insurance Company, told BD Insurance News that there is no animal insurance in the country to provide financial protection to Khmeras. For this reason, banks and other financial institutions do not provide large-scale loans to livestock keepers to assess their financial losses. As a result, millions of farmers and ranchers associated with cattle ranching suffered a significant financial loss when an accident occurred on their farm and livestock died from injuries, illness or illness. Therefore, for the first time, insurance was introduced in the country to remove barriers to financial security and lending to the Khmer.

Note that the RFID tracking system is a digital platform. Through Internet of Things (IoT) or through the use of Internet technology, the mobile phone software offers many benefits, including animal diagnosis, successful breeding, disease diagnosis, advance disease information and first aid services. As part of this digital platform, a dynamic sensor is inserted into the bladder of the cattle. This biological sensor or bolus generates and provides information from the animal’s stomach in the radio frequency identification process. This bolus is effective in the bovine stomach for at least 5 years and does not cause any adverse reactions to the body of cattle. This technology has been approved by the US Food and Drug Administration (FDA), the Federal Communications Commission (FCC, and the German Agricultural Society (DLG)), which has also been approved by the Bangladesh Telecommunications Control Commission (BTRC).

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