Insurance

Telangana Life Insurance Scheme for Farmers: LIC to implement the scheme, Rs. 1,000 Cr alloted for premium

Farmers use old 500 notes

The Government of Telangana has announced a major life insurance scheme for farmers in Telangana. The Life Insurance Corporation (LIC) is given responsibility to implement the scheme. The government has alloted Rs. 1,000 cores for the premium of the scheme. Farmers in Telangana between the age group of 18 to 59 years will get an insurance cover of Rs. 5 lakh. The scheme implementation will start on 15th August 2018. The Telangana state cabinet approved the scheme.

The Agriculture Department of Telangana will prepare the list of beneficiaries and had it over to the LIC and will also pay premium for all of them. They all will get the policy documents after 15th August 2018.

Telangana Life Insurance Scheme Eligibility:

  • Farmers residing in the state of Telangana only are eligible for the scheme
  • Farmers in the age group of 18 to 59 years are eligible

Telangana Life Insurance Scheme Objectives:

  • Insurance cover of Rs. 5 lakh for each of the farmers in the state
  • Farmers doesn’t need to pay even a single rupee as registration or premium for the scheme
  •  Farmers nominees will get benefits of the scheme in case of the farmer`s death

Telangana Life Insurance Scheme: How to apply?

  • Farmers doesn’t need to apply for the insurance scheme
  • The Agriculture Department of Telangana will prepare the list of the beneficiaries
  • The Telangana will provide the list to the LIC and will also pay premium for all the eligible farmers

The LIC will provide cover of Rs. 5 lakh to each of the eligible farmers in the state. The premium of Rs. 2,271 per farmer is paid by the Telangana state government. The farmers also can mention the nominee who will get the benefits of the insurance coverage of the LIC insurance policy. The nominee will get benefits if the farmers dies including natural death.

Telangana Life Insurance Scheme for Farmers is the important project by the Chief Minister K Chandrasekhara Rao and will provide much relief to the farmers in the state.

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