LIC-UP Govt tie up on annuity payment for land acquisition

LUCKNOW:For uninterrupted payment of annuity to farmers against land acquisition the Uttar Pradesh government on Monday decided to adopt the Group Flexible Income Plan of the LIC, an official spokesman said here.

"During a meeting of the state cabinet chaired by chief minister Mayawati it was decided to execute a memorandum of understanding between the state government and the LIC in this regard," he said.

In the new land acquisition policy announced by the state government, provision of payment of annuity to the farmers against land acquisition for a period of 33 years has been made.

The spokesman said the LIC will mobilise an annual overall amount for the payment of annuity to beneficiaries within three months of declaration of the award by the district administration.

He said the LIC would transfer the amount in the account of the beneficiaries within three months through ECS or bank transfer.