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.
Feature | Eligibility |
Minimum age at entry | 18 years |
Maximum age at entry | 59 years |
Type | It is a social security scheme |
Target | Rural landless households |
Premium | Rs. 200 |
Eligibility age | 18 years to 59 years |
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.
GST of 18% is applicable on life insurance effective from the 1st of July, 2017
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