The Better Cotton Initiative (BCI) and its strategic partner and funder, the Sustainable Trade Initiative (IDH) have introduced an insurance scheme that guarantees a one-time payout to those affected by COVID-19. The scheme alleviates concern that if a farmer were to fall ill, their families would not go without money, says farmer Vaghela Sureshbhai Jesabhai. It is paid off by the two organizations on behalf of 170,000 smallholder farmers in India, to enable them to continue to operate safely in the know that they will retain an income even if they were to be struck by the virus.
The insurance cover will provide a one-time lump sum pay-out to the insured in case s/he becomes infected with the novel coronavirus, explains Pramit Chanda, Global Director-Textiles and Manufacturing, IDH. It eases the financial burden of COVID-19 infections and offsets for the loss of income farmer families may experience.
Implementing partners that will work with BCI to afford insurance to these farmers include: AFPRO, Ambuja Cement Foundation, Arvind Limited, Cotton Connect India, Deshpande Foundation, Lupin Foundation, Spectrum International and STAC India.