LIC Aam Admi Bima Yojana | Fusion - WeRIndia

LIC Aam Admi Bima Yojana

LIC Aam Admi Bima Yojana

Aam Admi Bima Yojana (AABY) is a social security scheme introduced by the government of India. The scheme is administered through the Life Insurance Corporation of India (LIC).

AABY intends to protect people employed in the unorganized sector and people below the poverty line. It covers only one member of the family, mainly the earning in the family.

The sudden death of earning members in the family may hinder the education of their children. The scheme provides scholarships to the children who are studying class 9 to class 12 to avoid this.

To apply for the scheme, the applicant should submit the following documents with the application form: Income certificate, proof of identity and address and application form to add nominees.

AABY offers life insurance cover and permanent partial and partial disability. The life coverage includes both natural as well as accidental death.

Besides, the scheme provides scholarship benefits for up to 2 children of the insured in the event of death. The money will be paid twice a year at ₹100 per month per child.

An application with all required details needs to be submitted to the Nodal Agency every half a year to get the scholarship.

The premium for AABY is ₹200 per annum. The LIC policyholder has to pay 50 per cent of that or ₹100, and the remaining 50 per cent is paid by the state government. The sum assured is ₹30,000.

The minimum entry age is 18 years, while the maximum entry age is 59 years. In other words, the applicant should be aged between 18 and 59 years.

AABY provides faster assistance to the beneficiaries. Its enrollment process is easy, and even the claim process is also simple.

The payments for claim settlements are made directly into the accounts of beneficiaries through NEFT. For death claims, a death certificate has to be submitted. For accidents, a copy of FIR is essential. Visit the website of LIC for complete details.

Image from Pxfuel (Free for commercial use / CC0 Public Domain)

Image Reference:

Leave a Reply

Your email address will not be published.