Hyderabad, August 1:Â The Telangana government would launch a life insurance scheme for handloom and power loom weavers on August 7, marking National Handloom Day, that is set to benefit around 80,000 beneficiaries.
The scheme is aimed at providing financial support to the families of the handloom and power loom weavers, state Industries Minister K T Rama Rao said on Monday. The nominee would get Rs 5 lakh in the event of death of the beneficiary handloom or power loom weaver during the insured period, he said in a press release.
The state government has entered into an agreement with Life Insurance Corporation (LIC) for implementing the scheme, it said. The government would pay the premium amount to LIC and the beneficiaries need not pay any amount, it said. Azadi Ka Amrit Mahotsav: Telangana Govt To Distribute 1 Crore National Flags to All Households To Celebrate ‘Swatantra Bharatha Vajrotsavalu’.
The government has allocated Rs 50 crore for paying the premium, out of which Rs 25 crore has already been released. All handloom and power loom weavers below the age of 60 are eligible for enrolment under the scheme. About 80,000 handloom and power loom weavers in the state would get insurance under the scheme, the release added.
Copyright © Latestly.com All Rights Reserved.