LIC Aam Aadmi Bima Yojana is a result of merger of two major two social schemes- Aam Aadmi Bima Yojana and Janashree Bima Yojana . It is a social security scheme launched for rural landless household. One earning member of the family(usually the head of the family) is covered under the scheme. The central government and the state government share the premium payment equally.
Eligibility Criteria for LIC Aam Aadmi Bima Yojana
|Minimum age at entry||18 years|
|Maximum age at entry||59 years|
Key Features of LIC Aam Aadmi Bima Yojana
|Type||It is a social security scheme|
|Target||Rural landless households|
|Eligibility age||18 years to 59 years|
Benefits and Advantages of LIC Aam Aadmi Bima Yojana
- The plan was launched specially for Rural Landless Households
- The Central government and the state government both make an equal contribution of Rs.200 to the scheme
- Natural Death Benefit- Upon the death of a member during the term of the LIC policy, sum assured amount of Rs. 30,000 will be paid to the nominee
- Accidental Death/ Disability Benefit- The plan qualifies for Accidental death/ disability benefit in case of accident during the term of the insurance.
- Add on Benefit- The plan also provides an add on benefit wherein scholarship will be given to a maximum of two children of the beneficiary who is studying between 9th ti 12th standard for Rs.100 per month.
How to Join the Scheme?
LIC Aam Aadmi Bima Yojana is based on Nodal Agency Model. The Nodal agencies include Panchayats, NGOs and self help groups. The Nodal agency can get in touch with the nearest pension and group schemes office or any LIC office to join the scheme.