On Tuesday, the telangana government celebrated the five-year anniversary of Rythu Bima, the largest farmer life insurance program in the world. Its official name is the Farmers Group Life Insurance Scheme, and the State is its sole sponsor. Along with Rythu Bandhu, it has received widespread praise as one of the two programs that significantly aided in the rescue of struggling farmers.
The State government offers farmers Rs 5 lakh in life insurance as part of Rythu Bima. 1,08,040 farming families have received a total of Rs 5,402 crore in compensation up to this point. The government pays the premiums under the groundbreaking Rythu Bima program, and within a week to ten days of the insured farmer's passing, the insurance claim money is transferred to the nominee's account.
The impact of the loss that one experiences in such circumstances will not be lessened by the insurance coverage. In times of financial hardship, it offers financial compensation. It not only shields the insured individual from financial difficulties but also aids in reducing the emotional tension that results from them. Additionally, it will assist them in handling their debt obligations, such as loan payments.
The State government offers farmers Rs 5 lakh in life insurance as part of Rythu Bima. 1,08,040 farming families have received a total of Rs 5,402 crore in compensation up to this point. The government pays the premiums under the groundbreaking Rythu Bima program, and within a week to ten days of the insured farmer's passing, the insurance claim money is transferred to the nominee's account.
The impact of the loss that one experiences in such circumstances will not be lessened by the insurance coverage. In times of financial hardship, it offers financial compensation. It not only shields the insured individual from financial difficulties but also aids in reducing the emotional tension that results from them. Additionally, it will assist them in handling their debt obligations, such as loan payments.
The agriculture extension officer and panchayat secretary are in charge of seeing that the farmer's nominee receives the insurance sum. The farmer's family must get the death certificate within 48 hours, and once they do, the relevant authorities will process the claim. The scheme was introduced to 31.25 lakh farmers, and in 2018, the State government paid lic a premium of Rs. 636 crore. A dedicated cell has been established up to distribute insurance proceeds by the public sector Life Insurance Corporation.
The insurance policy would cover around 41.04 lakh farmers in 2023–2024, and the State government paid the insurance premium in the amount of Rs. 1,477 crore. If the farmer is recognized as a farmer and passes away, it is sufficient to own a plot of land since the family will be granted Rs. 5 lakh. Rythu Bima turned five on Tuesday, and health and Finance minister T harish rao posted about it. He also congratulated chief minister K Chandrashekhar Rao for putting the scheme into place, which benefits farmers throughout the State.
The insurance policy would cover around 41.04 lakh farmers in 2023–2024, and the State government paid the insurance premium in the amount of Rs. 1,477 crore. If the farmer is recognized as a farmer and passes away, it is sufficient to own a plot of land since the family will be granted Rs. 5 lakh. Rythu Bima turned five on Tuesday, and health and Finance minister T harish rao posted about it. He also congratulated chief minister K Chandrashekhar Rao for putting the scheme into place, which benefits farmers throughout the State.
