Aam Aadmi Bima Yojana (AABY), administered by Life Insurance Corporation (LIC), is a government-run social security scheme aimed at unorganised sector workers. Unorganised sector workers aged between 18 and 59 years can subscribe to the AABY scheme, which offers a cover of Rs. 30,000,according to LIC’s website – licindia.in. Eligible applicants can subscribe to the Aam Aadmi Bima scheme at an annual premium of Rs. 200 per member, 50 per cent of which is subsidised from the Social Security Fund, according to the LIC website.
Here are some key details such as premium and cover about the social security scheme Aam Aadmi Bima (AABY):
LIC Aam Aadmi Bima scheme eligibility
The applicant should be between 18 and 59 years of age. “The member should normally be the head of the family or one earning member of the below poverty line family (BPL) or marginally above the poverty line under identified vocational group/rural landless household,” according to the LIC portal.
LIC social security scheme AABY premium
A premium of Rs. 200 per annum per member is applicable, “out of which 50 per cent will be subsidised from the Social Security Fund”, according to the LIC website.
“In case of Rural Landless Household (RLH) remaining 50 per cent premium shall be borne by the State Government/ Union Territory and in case of other occupational group the remaining 50 per cent premium shall be borne by the Nodal Agency and/or Member and/or State Government/ Union Territory.”
LIC Aam Aadmi Bima Yojana cover
The AABY scheme offers a life insurance cover of Rs. 30,000 in case of natural death, according to the LIC website……..Read More>>