All the farmers in Telangana, who are aged between 18 and 60 years, 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.
• Under the programme, the families of the farmers will get the insurance amount irrespective of whether the farmer’s death is natural or accidental.
• The insurance amount will be given to the farmer’s family within 10 days itself.
• The distribution of insurance papers to the farmers .
• The scheme has been launched with a rough investment of Rs 650 crore.
• During the launch, Telangana agriculture minister distributed the life insurance bonds to farmers in Kamareddy district. Officials from the agriculture department took up distribution in other parts of the state.
All the farmers in Telangana, who are aged between 18 and 60years, will get 5 lakh insurance coverage from 15 August 2018
How To Apply
For more information http://rythubandhu.telangana.gov.in/Default_LIC1.aspx