The Aam Aadmi Bima Yojana (AABY) was initiated by the Government of India on October 2nd, in the year 2007 in all the states of the country. The objective of this scheme is to provide financial assistance mainly to the rural landless family after the death of its chief.

Recently, under the Government of India, the Finance Ministry had sought approval for the schemes under social security schemes such as the Aam Aadmi Bima Yojana and Janashree Bima Yojana (JBY). After this, both the schemes were added by the Government of India and the new scheme was implemented in the name of common man insurance on 1 January 2013.

Premium Of The Aam Aadmi Bima Yojana (AABY)

Source :- http://seekhe . com/yojana/aam-aadmi-bima-yojana-aaby/

Premium Of The Aam Aadmi Bima Yojana (AABY):

  • The amount of premium under this scheme is only INR 200/- per annum.
  • Out of which INR 30,000/- financial assistance will be received after the accident
  • 50% of this amount will be subsidized from the Social Security Fund
  • Remaining 50% premium will be borne by the Union Territory or the State Government (If the insured is a person of a landless rural family)
  • If the insurer has a business group, the amount of 50% premium will be borne by the State Government or the Nodal Agency and the Union Territory.

Eligibility Criteria of The Aam Aadmi Bima Yojana (AABY):

The applicant must be the chief member of the rural landless family or the member has to be the only person to run the family

The applicant must be between 18 years to 59 years old.

The applicant has to be a member of Below Poverty Line (BPL).

Required documents for The Aam Aadmi Bima Yojana (AABY)

Source :- https://www.hospitalkhoj . com/articles/news/aam-admi-bima-yojana

Required documents for The Aam Aadmi Bima Yojana (AABY)

  • Birth certificate
  • Ration card
  • Aadhar Card (Unique Identification Card)
  • Voter ID card
  • School certificate (if any)
  • Below Poverty Line (BPL) card
  • Details of bank account
  • Identity card issued by reputed employer / government department

Process Of Application Of The Aam Aadmi Bima Yojana (AABY)

The form must be received from the nodal agency for application for this scheme. Then fill the information sought in the form and submit it with the photocopy of the required document in your nearest Life Insurance Corporation (LIC) office.

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Benefits Of The Aam Aadmi Bima Yojana (AABY)

Here are the benefits of the Aam Aadmi Bima Yojana (AABY) given below. Check the benefits out below:

If the insured person dies in an accident or both eyes get damaged or he becomes completely crippled. In this case, the insured person or his family is given INR 75,000/- as the sum insured

If the insured person expires naturally then his family will be given a sum of INR 30,000/- for a sum assured

If an eye of the insured gets damaged in the accident or gets crippled with one limb. In this case, he is given a sum insured of INR 37,000/-.

If the insured person is not a victim of accident or death till the age of 60 years. He will receive the insurance policy coverage amount.

If the life insured dies or becomes completely disabled in an accident. Then two children of his family, who are studying in class between 9 to class 12, will be given scholarships every half year on January 1st or July 1st of the year according to INR 100/- per month

How To Claim For The Aam Aadmi Bima Yojana (AABY)

Source :- navbharattimes.indiatimes . com

How To Claim For The Aam Aadmi Bima Yojana (AABY):

The disability or death claims under the Aam Aadmi Bima Yojana (AABY) scheme are to be developed by LIC’s P&GS Unit. They create a straight payment to the recipients through the National Electronic Funds Transfer (NEFT). If there is not a National Electronic Funds Transfer (NEFT) facility accessible, then the money for your claim will be transferred directly to your bank account. This claim process may also need previous approval from the capable authority, the account recipient cheque or the claim may be funded by any mode as per LIC.

There are several types of claims that can be made. Here all kind of claim procedure is explained for you.

Scholarship Claim Process:

The associates of the Aam Aadmi Bima Yojana (AABY) have to fill-up the application form every 6 months and have to submit the form to its Nodal Agency, whose kid is qualified for the scholarship.

Then the Nodal Agency will identify the form to verify the scholars.

The Nodal Agency of LIC official will submit the list of recipient scholars to the LIC’s P&GS unit with the full details such as:

  • The name of the scholar
  • The School’s name where the student study at
  • The class in which the student study in
  • The name of the member
  • The master policy number
  • The membership number
  • The National Electronic Funds Transfer (NEFT) details for the direct payment.

Summary:

Every 6 months, on July 1st and January 1st, LIC will give the scholarship sum to the beneficiary student’s A/C, by National Electronic Funds Transfer (NEFT) or by bank account (in case the NEFT is unavailable)

Death Claim Process:

If the member dies during the period of the policy term then a death claim application form has to be filled up by the nominee of the policy. This application form has to be submitted with the Death Certificate to the chosen Nodal Agency official for the claim amount. The Nodal Agency will verify your claim papers then.

The Nodal Agency officer then will submit the death certificate and the filled up application form and documentation that the dead person was the head or the earning person of the BPL family.

These documents are required for the death claim:

  • The original copy of the death certificate with a duly attested copy
  • The Death Claim Application Form completed duly

Accident Claim Process:

If you are claiming accident benefit, then added requirements must be given in to with the Death Certificate. This contains:

  • Copy of the First Information Report (FIR)
  • The report of the post-mortem
  • The report of the police inquest
  • The report of the police conclusion or the police’s final report

For More information regarding the Aam Aadmi Bima Yojana (AABY) you can call or send SMS at the subsequent numbers:

Type LICHELP <YOUR POLICY.NO.> then send it to 56767877

OR

Type LICHELP <YOUR POLICY.NO.> then send it to 9222492224

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