Hyderabad: Chief Minister K. Chandrasekhar Rao on Monday said that Rs 5 lakh free life insurance scheme covering 58 lakh farmers in the state is the single greatest thing he has done in his life.
The Telangana state government on Monday signed a memorandum of understanding with the Life Insurance Corporation of India to implement the scheme.
Every farmer in the age group 18 to 60 years will be insured for his life at a premium of Rs 2,271 per head to be borne by the government.
The death could be due to any reason and the affected family will get Rs 5 lakh compensation within ten days of the claim being submitted.
The insured farmer will have to propose a nominee. The insurance bonds will be distributed from August 15.
Addressing a meeting of agriculture officials and farmers at HICC, the CM said the focus of the state government would now be on setting up crop colonies, unification of small land holdings and farm mechanisation to make agriculture financially viable for farmers.
He said crops and foodgrain procurement in the state must be regulated to ensure that all farmers do not opt for the same crops and don’t bring agri produce to market all at the same time, which leads to prices crashing.
Mr Rao gave a set of directions to agricultural officers saying that implementation of the insurance scheme will be their responsibility.
