Telangana: Minister Niranjan Reddy thanks CM KCR for releasing funds

Hyderabad: Agriculture Minister S Niranjan Reddy on Monday thanked Chief Minister K Chandrashekar Rao for releasing 1,173 crore for the Rythu Bima Scheme (RBS).

He said that the funds were released following the directions of CM KCR and the RBS will be applicable from August 14, 2020, to August 13, 2021. The premium with an 18 per cent GST of Rs 1,142 crore along with the Rs 32.54 crore stamp duty has been released. And, the insurance will be paid to the LIC, for which orders have been issued, he added.

The scheme will benefit 32.73 lakh farmers in the age group of 18 to 59 years. The Minister said while farmers who are completing 59 years of age will be ineligible, there are about 2 lakh farmers who have newly enrolled for the RBS, he said.

Niranjan Reddy said that the RBS was launched on August 14, 2018, and within the two years the State government paid Rs 1,775 crore to the LIC toward the insurance premium.

During the same period, the RBS coverage has been extended to 32,267 farmers in the state for providing Rs 5 five lakh to the family members in case of death of a farmer. So far, the LIC has made Rs 1,613 crore payments, he said.

Currently, there are 1,800 claims to the tune of Rs 90 crore are pending with the LIC.