Kisan Credit Card is a credit delivery mechanism to meet the credit needs of the farmers during the crop season in a timely and hassle-free manner by giving financial support to them. All the Commercial Banks, Regional Rural Banks, and Cooperative banks issue such credit cards.
Kisan Credit Card scheme was introduced by NDA Government in August 1998 on the basis of the model scheme prepared by the National Bank for Agriculture and Rural Development (NABARD) in consultation with the Major Banks.
Personal Accident Insurance Scheme (PAIS) is an accident insurance scheme especially designed for KCC holders. NABARD has, in consultation with the representatives of insurance companies, bankers and Govt. of India, finalised the Personal Accident Insurance Scheme for KCC holders, for uniform implementation by banks throughout the country. It was introduced on 14 June 2001.
It covers risk of KCC holders against:
Death (within 12 months of the accident) or permanent disability should be resulting from accidents caused by external, violent and visible means.
It gives following risk covers:
KCC holder has the option to take benefit of Accident Insurance (including PAIS) whose premium has to be paid by him through his KCC account. Premium payable Rs.15/- for a one year policy while Rs.45/- for a 3-year policy. Premium has to be borne by farmers/bank according to the terms of the Scheme. To avail this insurance cover, the applicant should not be over 70 years of age at the time of availing the Kisan Credit Card