Chief Minister K Chandrasekhar Rao, who held discussions with ministers and officials on the proposed scheme today, said the family should get an insurance amount of Rs five lakh in the event of the farmer's death.
"The CM said whatever might be the reason, when the farmer 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 Principal Secretary (Agriculture) and Principal Secretary (Finance) to hold discussions with LIC officers to finalise modalities for the proposed scheme, it said.
"The CM has asked Principal Secretary for Agriculture and Principal Secretary Finance to have a detailed discussion with Life Insurance 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 state government 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.)