mooPay launches heat index-based insurance plan for dairy farmers

mooPay, Stellapps’ dairy technology provider, in partnership with IBISA Network, HDFC ERGO and Gramcover, has launched a unique heat index-based insurance plan for farmers.

The cap provides financial compensation to farmers of mooMark, the dairy supply chain arm of Stellapps, to offset loss of income due to reduced milk yields during summer heatwaves. The company said in a statement that the cap guarantees insurance benefits to farmers if, over a 60-day period starting May 1, temperatures exceed limits set for a predetermined number of days, with region-specific criteria.

The claims settlement process is simple and hassle free. The insurer takes temperature trend data for the insured period from a pre-agreed public database and compensates the claimant according to the prescribed benefits slab. Every insured cattle is eligible for a cover of a maximum of INR 2,000. Currently, insurance coverage extends to one livestock per household.

loyalty programme

In the first phase, mooMark offers this insurance as part of its loyalty program. This policy covers about 7,000 farmers, in 5 districts, across 4 states for a guaranteed total sum of over ₹ 1.3 crore. Farmers are informed of this plan at the collection center at the village level and through Stellapps’ SmartFarms app.

The company said that this innovative financial product can help more than 80 million dairy farming families that depend on income from nearly 300 million head of livestock.

Jinesh Shah, Managing Partner of Omnivore,He said, “This is a commendable step towards mitigating the impact of climate change on farmers. This plan will provide them with financial support, enhance resilience, and promote long-term agricultural sustainability.”

MooPay CEO Rahul Mallick said, “At mooPay by Stellapps, we are reimagining financial products for rural consumers. In order to realize this vision, we have partnered with Gramcover to provide India’s first heat index linked insurance product to protect dairy farmers from financial loss resulting from Extreme heat-related stress on dairy cattle. Farmers will receive the benefits of this unique cover directly into their bank accounts, which will also boost confidence in other insurance products.”