₹ 5 Lakh Insurance Cover To Farmers

About This Scheme

Launched on 15 August 2018, the scheme "₹5 Lakh Insurance Cover for Farmers" is an Insurance Scheme by the Department of Agriculture, Government of Telangana. This scheme provides ₹5 lakh insurance coverage to all farmers aged between 18 and 60 years, ensuring financial security for their families in case of the farmer's death, irrespective of the cause. The nominee receives the compensation within 10 days of the farmer's death. The state government pays an annual premium of nearly ₹500 crore on behalf of around 50 lakh farmers to the Life Insurance Corporation of India (LIC), and farmers do not need to pay a single rupee. The scheme is being implemented by the Life Insurance Corporation of India (LIC).

Eligibility

1. The applicant should be a resident farmer of Telangana. 1. The applicant should be aged between 18 and 60 years.

Benefits

1. Financial Security: Provides ₹5 lakh insurance coverage to farmers' families in case of the farmer's death, offering substantial financial assistance. 1. Inclusive Coverage: Covers death due to any cause, including natural causes and accidents. 1. Quick Disbursement: Ensures compensation is paid to the nominee within 10 days of the farmer's death. 1. Zero Cost to Farmers: Farmers are not required to pay any premium, as the state government bears the entire cost on their behalf. 1. Wide Beneficiary Base: Approximately 50 lakh farmers benefit from this scheme annually.

How to Apply

Where This Comes From

This scheme was sourced from myScheme, the Government of India's official Central+State scheme discovery portal, and reviewed by an editor before publishing. Use the button above to read the full details and apply directly on the official source.