Telangana government and the LIC today signed an MoU for the implementation of a Rs five lakh life insurance scheme for the benefit of farmers in the state.
The Memorandum of Understanding was signed in the presence of Chief Minister K Chandrasekhar Rao at an event where he addressed state agriculture department officers and others.
Describing the scheme as the 'greatest thing' he has done in his life, Rao said it should be implemented from August 15.
"This scheme should be implemented from August 15. By August 15, all this filling up (of forms)... all this should be done.
If a farmer dies in this state after August 15, his family should get Rs five lakh," he said.
Noting that there are 57 lakh farmers in the state as per government records, Rao said the family of any farmer in the age group of 18-60 would get Rs five lakh cover within 10 days in the event of his death.
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The state government chose LIC over others to implement the scheme because of its credibility and reach, he said.
The agriculture department alone would implement the scheme and the AEOs (Agriculture Extension Officers) should get the insurance papers filled up by farmers before August 15, he said.
Praising the Chief Minister for his 'vision', LIC Chairman V K Sharma said it was the first time that such a 'unique scheme' was being implemented for the prosperity of farmers in the country.
The scheme would go a long a way in promoting the prosperity of Telangana people, particularly farmers, he said.
He assured that claims under the scheme would be settled in 10 days.
"No farmer claim will be more than 10 days in any case," he said.
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