Business Studies

Which state government has announced a unique scheme to provide life insurance of up to Rs. $$5$$ lakh per farmer in the state?


ANSWER

Telangana


SOLUTION
The Telangana government has announced a unique life insurance scheme for farmers. Under the scheme, the government will provide life insurance facility of Rs 5 lakh to the nominee, after the death of the insured farmer. The entire premium will be paid by the government to the insurance agency and the nominee will get the amount within 10 days of the claim after the death of the farmer. With this, the dependent family will get the benefit irrespective of the reason for the death of the farmer. The state government has tied up with the state-run Life Insurance Corporation of India (LIC) for the implementation of the scheme. The farmers in the age group of 18 to 60 are eligible to enroll their names to get benefit from it. The insurance scheme will commence on August 15 and farmers will be given insurance bonds. Every year on August 1, the total premium amount will be credited to LIC.
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