Xinhua News Agency, Beijing, May 21 The Ministry of Finance, the Ministry of Agriculture and Rural Affairs, and the General Administration of Financial Supervision issued a notice on the 21st, saying that from 2024, the full cost insurance and planting income insurance policies for three major grain crops, rice, wheat, and corn, will be fully implemented nationwide.
According to the notice, the full cost insurance is the agricultural insurance covering the total cost of agricultural production such as materialized cost, land cost and labor cost; The planting income insurance is an agricultural insurance whose insurance amount reflects the price and output of agricultural products, and the guarantee level covers the planting income of relevant agricultural products. The objects of insurance protection include all farmers and agricultural production and operation organizations such as appropriately scaled farmers and small farmers.
In terms of subsidy scheme, the premium subsidy ratio of full cost insurance and planting income insurance for the three major grain crops is 45% for central and western regions and northeast regions, and 35% for eastern regions on the basis that the provincial financial premium subsidy is no less than 25%. On the basis that the relevant central unit bears no less than 10% of the premium, the central finance will subsidize the premium of the relevant central unit according to the subsidy proportion of the place where the planting business is located.
(Editor in charge: Plateau)
