JAIPUR: Over 15 lakh farmers in Rajasthan who have obtained cooperative loans were given the benefit of life insurance on payment of a nominal premium through a new scheme sponsored by the Life Insurance Corporation of India here on Monday. The cooperative banks signed an agreement with the LIC for implementing the scheme in the presence of State Cooperative Minister Nathu Singh Gujjar at Nehru Sahakar Bhavan here. Mr. Gujjar said Rajasthan had become the first State in country to extend the benefit of life insurance to farmer taking loans, depositors and cooperative bank officials on payment of easy premium rates. The insurance benefit was earlier restricted to personal accidents. The agreement was signed by the Managing Director of cooperative banks, Avinash Ranwah; General Manager of the Rajasthan Cooperative Land Development Bank, Mukund Singh; and LIC Manager B. B. Topley. Mr. Gujjar said the State Government had developed the cooperative sector as a means for financial empowerment of the rural populace. A number of steps such as retail marketing, construction of godowns in villages, establishment of mini-banks and creation of new cooperative societies had been taken for the benefit of farmers. Principal Cooperative Secretary C. M. Meena said all farmers who had obtained loans from village cooperative societies, central cooperative banks and primary cooperative land development banks would be eligible to get benefit of the life insurance scheme. The members will be insured for their lives on payment of Rs.2.60 for an amount of Rs.1,000 for a year under the scheme.