LIC Aam Aadmi Bima Yojana

Overview

The crises that we are facing in these pandemics are beyond imagination for the human world. But certainly, people are at least more cautious and aware about their health and the policies of life insurance. As we shall explore more about the LIC Aam Aadmi Bima which has been quite beneficial for a common man, it is important to understand that people who are employed in the unorganized sector can only get it. This scheme was an initiation of the Indian government which is a part of social security measures. 

It has been designed for those citizens who are counted under the 48 known occupational groups and from the rural areas that have landless homes. This is group insurance that was started in the year 2007 and since then it has undergone a lot of updates and changes. LIC administers this scheme and offers coverage to one family member earning or the head of the family. Supervised by the Indian government along with the finance minister, this scheme of social security is called the Aam Aadmi Bima Yojana

According to the LIC of India, individuals shall get lifetime coverage along with the death cover that may happen due to an accident. It also offers the provision for the scholarship benefits to more than two children of the policyholder of the LIC.

What is LIC Aam Aadmi Bima Yojana

To be precise this is a scheme based on the model of the nodal agency. The nodal agency experts of the NGO, panchayat, and even the self-help group. This agency often gets in touch with the closest pension and group schemes office or those offices that offer LIC service to be part of the scheme. The annual premium is Rs 200 out of which 50 percent that is Rs 100 shall be paid to the union territory government while the policyholder just must pay the remaining amount.

Salient features of the scheme

• Whether it is the accidental death, natural death, or the permanent partial disability that has been because of the accident, if you Aam Aadmi Bima Yojana Apply this scheme shall cover it all

• The schemes come with the 48 group members coverages that must be identified before.

• There is a fixed coverage amount that can entirely depend on the contingency that has been suffered while the lump sum charge of coverage shall be paid in case the claim is made.

• The scheme is well implemented using the nodal agency which can either be union territory, state government, or the central ministry department.

Who can be covered under the scheme?

To avail the advantages of this scheme and follow the right process to LIC Aam Aadmi Bima Yojana Apply, there is an eligibility criterion that has been set that a person needs to be sure of before getting enrolled:

• Insured age must be between 18 years and 59 years.

• Only one member per family can be covered.

• Coverage is allowed either for the earning family member or the family head

• The individual should belong to a Below Poverty Line (BPL) family

• The family above the poverty line belonging to the vocational group identified

• 48 vocational groups are identified along the members belonging to those groups can be covered.

What is the coverage under the scheme?

The Aam Admi Bima Yojana covers the following instances –

• Natural death

• Accidental death

• Accidental permanent partial disability

• Accidental permanent total disability

Besides these inbuilt coverage benefits, there is also an additional coverage benefit that is offered. This is called the scholarship benefit and is given up to two children of the insured member. The children should be studying between 9th to 12th standard.

What is not covered?

There are a few instances that are not included in this scheme. Talking of which some of the disabilities that may arise out of the following are not covered if you LIC Aam Aadmi Bima Yojana Apply Online or offline such as:

• Participating in dangerous and adventurous sports

• Criminal acts or activities which breach the law

• Insanity or mental disorders

• War or related perils

• Self-inflicted injuries or attempted suicide

• Pregnancy or childbirth

• Chemical, radioactive or biological weapons

How to claim under the scheme?

• To opt for this scheme, you firstly must focus on the contingency suffered type.

• The LIC shall be settling down the claims with direct NEFT to the bank account to the beneficiary.

• If the facility of NEFT is not available then the money shall be credited to the beneficiary bank account once the competent authority approves of it

• Once the approval is recovered, the claim then can be paid through the payee cheque of an account or using another mode that LIC chose.

How to follow the Claim process for natural or accidental death

• If the insured member dies in the coverages span then nominees need to make a death claim on LIC

• The nominee will have to fill up the death claim form

• The form should then be submitted along with the insured death certificate to the designated person of the Nodal agency

• The designated officer of the agency will then check and verify the form

• If everything goes right then the death certification along with the eligibility certificate shall be submitted

The documents required for a death claim are

• A filled-in claim form

• Original and Attested copy of death certificate

• In case of accidental death, the following additional documents would also have to be submitted:

• Post mortem report

• Final report of the police

• Copy of FIR filed with the local police

• Police inquest report

Upon document verification, the death claim would be paid.

How to follow the Claim process for disability

• The process is the same but you need to then offer the Documentary proof of accident. This can be the Medical certificate that government issues or may be the qualified Government Orthopaedic provides. This would be an evidence to certify that insured suffered permanent disability.
• Upon document verification, the claim would be paid.

Eligibility Criteria for Aam Aadmi Bima Yojana (AABY)

• Available for the Family in rural areas with landless households.

• Available only to the head of the family or the earning member of the family below the poverty line

• A person aged between 18 to 59 years.

• Documentation requirements should be fulfilled.

• Some documentation needs to be filled uprightly to be eligible for this scheme. This includes:

• Extract from the school and birth certificate

• Ration Card

• Name in the Voters List

• Any identity card issued by the Government of India or any reputed employer

• Aadhaar Card (Unique Identification Card)

How to apply offline Aam Admi Bima Yojana Application Form

To get the benefits, from the scheme, the beneficiary needs to follow certain steps of LIC Bima Yojana Apply such as:

• This is an offline process for which you need to visit NIC nodal agency

• Once you visit there, you shall get an application form. Make sure you fill in all the details rightly.

• Attach the documents that are asked to be submitted along with the form

• Apply to the LIC office and thus, your offline application job will be done.

• If you need further information, you can simply drop an SMS LICHELP TO 9222492224 OR SMS LICHELP TO 56767877

Conclusion

This is one incredible scheme designed for those poor and landless people who have been unable to secure their life. LIC shall be taking care of this scheme in which the insurance coverage of Rs 75000 will be given to the insurance holder for which the person simply has to pay Rs 100 every year. This scheme is meant for unorganized sector workers

Questions and Answers

How To Enrol In Aam Aadmi Bima Yojana?

• To enrol under this scheme, you have to keep in mind the process varies from that of the regular insurance purchase plan

• Being a national scheme, you need to visit the nodal agency which shall be appointed to carry the enrolment process

• The agency can be an institutional arrangement that the state or central government has appointed.

• Mention your nominees during enrolment since it is an important filing claim part.

Which is the nodal agency of Aam Admi Bima Yojana?

The government of India along with the Ministry of Finance has approved the merger of Social Security Schemes with Janashree Bima Yojana and Aam Admi Bima Yojana. The merged scheme is then called Aam Admi Bima Yojana which is in effect from 01.01. 2013.

Does the insured member have to pay the premium for coverage under Aam Admi Bima Yojana?

The insured party will just have to pay off the 50% of the premium which is not more than Rs 100 if she or he belongs to the family below the overt line. If the insurance holder belongs to a landless household, then he will not have to pay any premium at all.

Who is provided social security under the Aam Aadmi Bima Yojana?

A Social Security Scheme was administered and initiated by the Government of India in the form of the Aam Aadmi Bima Yojana for the citizens settled under 48 identified vocational groups.