The LIC Aam Aadmi Bima Yojana (AABY) is a scheme launched by the Indian Government to address the insurance needs of those belonging to the Below Poverty Line (BPL) category who are unable to afford life insurance. Established in 2007, this scheme aims to provide financial assistance to the family members of the insured in the event of the insured person’s death or disability.
Key Features and Benefits:
- Financial Assistance: AABY offers financial aid to the insured’s family in case of death or disability.
- Affordable Premiums: The premiums for this scheme are highly subsidized by the government, making it accessible to all economic backgrounds.
- Coverage for Natural Calamities: AABY also provides coverage for natural disasters such as floods and earthquakes.
- Special Benefits for Women: The scheme offers additional benefits for women, including maternity benefits and coverage for female-headed households.
- Easy Enrollment: Individuals can apply for AABY at any time of the year, and the application process is simple.
Eligibility Criteria:
- Age: Applicants must be between 18 and 59 years old.
- Income: The applicant’s household income should not exceed Rs. 1,00,000 per annum.
- Occupation: Applicants should be engaged in specific occupations such as landless agricultural laborers, rural artisans, fishermen, weavers, handicraft artisans, street vendors, ragpickers, sanitation workers, and similar activities in rural or urban areas.
- Not Covered by Other Schemes: Applicants should not be covered by any other social security scheme.
How to Apply :
- Offline Application: Obtain the application form from the nearest Aam Aadmi Bima Yojana center or insurance agent.
- Fill in Details: Complete the form with the required information and attach necessary documents such as Aadhaar card, age proof, address proof, bank account details, income certificate, and occupation proof.
- Verification and Policy Issuance: The insurance company will verify the documents and issue a policy certificate to the applicant.
- Payment of Premium: Premiums can be paid annually or in installments as per the policy terms.
The LIC Aam Aadmi Bima Yojana is a crucial step towards providing social security to India’s low-income families, ensuring that they are financially protected in times of need.