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INNOVATION PROJECTS Efficient Premium Calculator
IIT DELHI on Agriculture Insurance

S. Dharmaja, Prem Sing - IIT Delhi

The Government of India introduced many agricultural schemes throughout the country. All the insurance schemes
have some specific questions and the project answers these questions in best possible way.
1. What should be the ideal insurance policy on agriculture?
2. How to calculate the premium efficiently so that if there is any disaster, loss to insurance companies or farmers
should be minimum?
3. How much premium farmers should have to pay for particular agriculture insurance policy?
4. What is the risk in non-life insurance and how to calculate it so that it should be minimum?
5. How to define all necessary things so that they would be clearly understandable for the farmers and insurance
companies?
6. How to build a system which should be unbiased and transparent?