Telangana govt. is planning to launch a New LIC Insurance Scheme to benefit farmers. Under this scheme, govt. will provide an insurance amount of Rs. 5 lakh on the death of the farmer. The state govt. has announced that life insurance scheme will get launched on 2 June 2018. This scheme will be a Group Insurance Scheme and is applicable for all small, marginal and big farmers.
The state govt. is holding detailed discussions on Insurance Scheme including Central Government scheme to pay farmer’s share / premium amount. This scheme will be absolutely free of cost for the farmers.
Govt. is consistently discussing with Life Insurance Corporation (LIC) officers to finalize modalities of scheme.
LIC Life Insurance Scheme for Farmers in Telangana
Life Insurance Corporation (LIC) is already running various schemes for the people across India. These schemes includes LIC’s Jeevan Utkarsh, Jeevan Pragati, Jeevan Labh, Jeevan Anand, Jeevan Rakshak, Jeevan Umang, Anmol Jeevan, Bima Shree and other Term insurance, Money back and Endowment Schemes. So, the state govt. of Telangana wants to start a new Insurance Scheme for all farmers including small, marginal farmers. The important features and highlights of this new LIC Insurance Scheme in Telangana are as follows:-
- In case of death of the farmers, state govt. will provide an insurance amount of Rs. 5,00,000 to the family of farmers.
- Life Insurance Corporation (LIC) will implement this insurance scheme.
- The state govt. will pay the premium on behalf of the farmers.
- Govt. will allocate a budgetary provision for this insurance scheme of farmers. This would be a Group Insurance Scheme.
- This amount will be an assured amount and will be paid directly into the bank account of the farmers.
Last Week, Telangana govt. has also launched Rythu Bandhu – Farmers Investment Support Scheme (FISS) for farmers. Under this scheme, the state govt. will provide an crop investment support of Rs. 8,000 per acre (for 2 crops) in an year to boost the agricultural production.
In addition to this, the state govt. has also launched Pattadar Passbook initiative to end land disputes of farmers. This scheme was started with a budgetary allocation of Rs. 12,000 crore to benefit 58 lakh farmers in the state.