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Telangana govt plans to introduce new insurance scheme for

Press Trust of India  |  Hyderabad 

The government proposes to introduce a new for the benefit of farmers.

K Chandrasekhar Rao, who held discussions with ministers and officials on the proposed scheme today, said the family should get an of Rs five lakh in the event of the farmer's death.

"The CM said whatever might be the reason, when the dies the family should immediately get Rs 5,00,000 as Insurance amount," a release from Rao's office said.

The scheme is proposed to be implemented through LIC.

Rao asked (Agriculture) and Principal Secretary (Finance) to hold discussions with LIC officers to finalise modalities for the proposed scheme, it said.

"The CM has asked for Agriculture and Finance to have a detailed discussion with Corporation officers for fixing the rate and for finalising other modalities," the release said.

Rao said the government should pay the premium on behalf of the farmers.

Budgetary allocation would be made for the purpose, it said.

"The CM said that the premium amount will be budgeted amount and hence it is assured payment," it said.

The has recently introduced an investment support scheme for farmers, providing Rs 8,000 per acre, per annum to all farmers.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Tue, May 15 2018. 20:55 IST