Hyderabad: Chief Minister K. Chandrasekhar Rao on Friday announced the launch of the Rs 5 lakh free insurance scheme for farmers, from August 15, the first of its kind in the country like the Rythu Bandhu Scheme.
Under the scheme, the nominee will get Rs 5 lakh irrespective of the reason of death of the farmer. The money is to be paid with 10 days of the claim.
The government will pay the entire premium to LIC on behalf of farmers. It has sanctioned Rs 500 crore for the scheme in the Budget. It will cover farmers aged between 18 and 59 years. The insurance is applicable till the age of 60.
The CM directed officials to prepare a list of farmers falling in this age group and submit to government. The government will submit the list to the LIC and pay the premium at one go.
