LIC has so far settled 300 claims under the mega farmer insurance scheme, Rythu Bandhu.
Under the scheme, LIC provides a life cover of ₹5 lakh for 27.90 lakh farmers. The premium is entirely paid by the State Government.
“LIC has starting receiving claims under this scheme and settled about 300 claims in less than 72 hours after the claim was made,” TC Suseel Kumar, Zonal Manager, South Central Zone of LIC, said in a press conference held here on Friday on the occasion of its 62nd anniversary.
LIC has made all arrangements to process these claims electronically within 10 days and settling them even faster. Launched by the Telangana Government on August 15, Rythu Bandhu Group Life Insurance Scheme provides a coverage of ₹5 lakh to every eligible pattadar (farmers who own land as per government records). They should be identified and registered by the Department of Agriculture.