BASIX Having worked on crop insurance pilot programs for the previous four years, BASIX (one of India's largest micro finance institutions with nearly 100,000 borrowers in nine states) launched India's first rainfall insurance program in July 2003 through ICICI Lombard. Farmer uptake was immediate, with around 100 farmers signing up the first day. Informal interviews with about 15 farmers who bought the policies revealed that they are very well aware of the rainfall-based index nature of the contracts and the associated basis risk. The farmers value the quick payout of the Weather policy, which distinguishes it from the federal crop insurance policy. Interviewed farmers also understand and appreciate the weighted and capped structure of the contract, as it directly reflects their experience that the distribution of rain throughout the season significantly affects yield.
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