On Friday, Chief Minister K. Chandrasekhar Rao announced the launch of Rs 5 lakh free insurance scheme for farmers. This will be from August 15 and it is first of its kind in the nation like the Rythu Bandhu Scheme.
With this scheme, the nominee will get Rs 5 lakh irrespective of the reason of death of the farmer and the amount is to be paid with 10 days of the claim.
Note that the government will pay the entire premium of LIC on behalf of farmers and has already sanctioned Rs 500 for the scheme in the budget. The insurance will be applicable between 18 and 59 years of age.
Mr. Rao directed officials to prepare a list of farmers and the government will submit the list to the LIC and then pay the premium at once.
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