Telangana: Rs 5 lakh free insurance scheme for farmers

Hyderabad: After the Rythu Bandhu Scheme, Chief Minister K. Chandrasekhar Rao is all set to implement yet another sop for farmers from June 2, fourth anniversary of the formation of Telangana state. 

Mr Rao will launch free insurance scheme to benefit over 58 lakh farmers. Each farmer will get Rs 5 lakh insurance coverage under the scheme. 

The government will pay premium of nearly Rs 500 crore per year to Life Insurance Corpo-ration 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. 

As per official estimates, there are nearly 75 lakh farmers in the state. The government wants to extend the sop only to those farmers who own land. Tenant farmers will not be covered under this scheme.

This policy is in accordance with government’s decision to extend Rythu Bandhu Scheme only to farmers holding pattadar passbooks. As per revenue records, over 58 lakh farmers own agriculture lands in state. 

The Rs 8,000 per acre per year sop is extended to only these farmers at present, and the same farmers will be covered under free insurance scheme.

Agriculture minister Pocharam Srinivas Reddy and agriculture secretary C. Parthasarathy held a meeting with LIC officials and submitted proposals in this regard. “The modalities are being worked out. We are making efforts to launch the scheme  on June 2 by the CM. Like Rythu Bandhu, this scheme will also be the first of its kind  in the country for the welfare of farmers,” Mr Reddy added.