Unique initiative coming its way! Telangana announces life insurance facility of 5 lakh for farmers

NewsBharati    26-May-2018
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Hyderabad, May 26: In a welcoming move towards development and imposing a good status to the farmers, the state of Telangana has announced to grant a unique life insurance scheme for farmers. Under the scheme, the government will provide life insurance facility of five lakh rupees to the nominee, after the death of the insured farmer.

The entire premium will be paid by the government to the insurance agency and the nominee will get the amount within ten days of the claim after the death of the farmer. He said the dependent family will get the benefit irrespective of the reason for the death of the farmer.

Making the announcement in Hyderabad yesterday, Chief Minister Chandrashekhar Rao said, Life Insurance Corporation India will implement the scheme. He said farmers in the age group of 18 to 60 are eligible to enroll their names to get benefit from it.

 

The insured amount of Rs five lakh should be paid to the nominee proposed by the insured farmer within 10 days of the claim, "irrespective of the reason due to which a farmer dies, including natural death," the release added.

 

"This is the first time in history that Rs 5 lakh is the insured amount under a group insurance. It is also a record that several lakhs of farmers are members in the scheme. This has never happened in the history of insurance companies in the country. The group insurance scheme to the farmer of Telangana is a record of its own,” the CMO said in the statement.

 

"Irrespective of the reasons due to which a farmer dies, including natural death, the insured amount of Rs 5 lakh shall be paid to the nominee proposed by the insured farmer within ten days of the claim. The idea behind this is to come to the rescue of the deceased’s family," the Chief Minister said.

“The small and marginal farmers in Telangana account for 93%. There are 18 lakh farmers whose holdings are less than one acre. Their livelihood is entirely agriculture and farming and for any reason when the farmer dies, his family will have to face a lot of hardships. This is just another step forward by the government,” Rao further said.

The Telangana government has tied up with the state-run Life Insurance Corporation of India (LIC) for the implementation of the scheme.