Samriddha Pahad & SAFAL Project facilitate access to finance paired with Cattle Insurance in Ilam


Samriddha Pahad & SAFAL Project facilitate access to finance paired with Cattle Insurance in Ilam
Samriddha Pahad and SAFAL project have been working with NMB Bank and NLG Insurance in a tripartite understanding to facilitate access to finance coupled with cattle insurance to reach dairy farmers in Eastern Nepal. 
 
Insurance is a means of protecting low income households in remote hill and mountain regions against specific risks in exchange for a regular payment of premiums. Livestock insurance is crucial in districts like Ilam, where there is a robust dairy value chain. Livestock insurance protects farmers and cattle-rearers from risk and provides a conducive working environment, where farmers can focus on their business instead of on extensive efforts on risk mitigation strategies. 
 
Over the past 2 years, Samriddha Pahad has facilitated loans to partner cooperatives through NMB Bank; where NLG Insurance Company insured over 200 cows for a total value of more than Rs.1 crore. NLG insurance has timely reimbursed cattle farmers in cases of casualty; this has built trust among the service provider and clients.
 
During an event, Mr. Khadga Shrestha, Manager of NLG Insurance, stated that, “It is vital to ensure that locals are aware of the importance of insurance, availability of insurance service providers and relevant insurance products.” He further added that, “Price of the insurance premiums must be suitably priced and follow-ups conducted timely so that the underserved population can increasingly trust insurance service providers.”
 

Mr. Khadga Shrestha (right) manager of NLG Insurance providing an overview of cattle insurance to cooperative representatives at a Cooperative Assembly and Screening Event in Ilam



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