With An Eye On 2019 Polls, TRS Launches Life Insurance Scheme To Benefit 28 Lakh Farmers In Telangana

With an eye on 2019 State and Lok Sabha Polls, the Telangana Rashtra Samithi (TRS) led Telangana government launched Rythu Bandhu Life Insurance Bonds, which will benefit nearly 28 lakh farmers in the state, Livemint has reported.

The state government has reportedly paid more than Rs 600 crore to Life Insurance Corporation of India (LIC) as a premium for the insurance scheme, which costs about Rs 2,271 per farmer.

According to the additional director, Telangana state agriculture department - K. Vijaya Kumar, about Rs 650 crore has been invested into this scheme.

However, 14 lakh farmers above the age of 59 will not be eligible for the benefits, as according to LIC’s norms, only the beneficiaries in the age group of 18 and 59 are eligible for the cover, reports Deccan Chronicle.

The total coverage via this scheme is said to be Rs 5 lakh per farmer, whose families will get this amount irrespective of accidental or natural death of the insured party. Most of the bonds are expected to be given to farmers by 15 September.

This scheme will cover only the landowners who received Rs 4000 from the state government under “Rythu Bandhu” scheme to bear farming costs.

Tenant farmers also wanted to be included under the scheme, but were ultimately left out. The chief minister justified this by claiming that it is difficult to verify such farmers as they don’t have any rights over the land.