Rs 5 lakh insurance cover to Farmers
All the farmers in Telangana, who are aged between 18 and 60years, will get 5 lakh insurance coverage from 15 August 2018.The state government will pay the premium on behalf of around 50 lakh farmers and the LIC will pay the insurance amount in case of death of any farmer. This is the first time in the country that farmers are getting Rs 5 lakh insurance coverage in Telangana.
The government will pay premium of nearly Rs 500 crore per year to Life Insurance Corporation of India on behalf of farmers. In case of the death of a farmer due to any reason, the family will get Rs 5 lakh compensation under the scheme.
The farmers need not pay a single rupee as premium for getting the insurance coverage. The state government will pay the premium on their behalf, Irrespective of the cause of death, if a farmer dies, his nominee will get 5 lakh within 10 days of the death. It is not an accidental insurance alone but will cover natural death too.
All the farmers in Telangana, who are aged between 18 and 60years, will get 5 lakh insurance coverage from 15 August 2018