The government is actively considering introducing rice income stabilization insurance as a possible alternative to the controversial grain bill that requires the government to purchase excess rice. 
 
The Ministry of Agriculture, Food and Rural Affairs said on Monday that it is in consultation with related ministries to introduce insurance which guarantees farmers a certain income when rice prices fall. 
 
The ministry said that the nation is currently operating such an insurance system for nine items including beans, onions, barley and corn, and the government is considering adding rice next year, with a detailed plan to be announced next month.   
 
Agricultural income guarantee insurance, introduced in 2015, guarantees payment of up to 80 percent of the difference if the income of an insured farm falls below the average of the past five years

The average premium for the insurance is around 400-thousand won per hectare, with most of the premium covered by the central and local governments and farmers paying just ten to 20 percent. 
 
The ministry said that it plans to offer rice income stabilization insurance in some regions next year on a trial basis before expanding it to more regions.