The government will also open a new police station at Farspal, the native village of the slain leader, in his home district of Dantewada.
"Chief Minister Raman Singh has decided to name Naveen Kanya Mahavidyalaya (girls'college) in Dantewada town after late Mahendra Karma", an official said today.
According to him, a new police station will come up at Karma's Farspal village.
The official said Karma's family members were provided 'Z-Plus' security owing to threat to their life from the Maoist insurgents.
"Z-Plus security has been provided to the family of Karma, whose efforts to wipe out naxalism will always be remembered", he said.
Karma's family had received a letter from naxals on Sunday asking them to leave the village or face consequences.