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Aam Admi Bima Yojana LIC policy

Aam Admi Bima Yojana is a valuable LIC policy of the Central and State/Union territory governments but is managed and taken care of by Life Insurance Corporation of India (LIC). This policy is specially meant for the well being of the people in rural areas on India. LIC of India has appointed the Nodal Agency to take in-charge of the Aam Admi Bima Yojana scheme and only the Nodal agency shall mean the State/Union territory government. For any kind of problems and issues related to the policy, Nodal Agency will be the representative of the insured members of the Aam Admi Bima Yojana Policy. The decision of eligibility of a person for Aam Admi Bima Yojana Scheme will be decided by the State/Union territory government with the help of the Panchayats in the villages. The first condition for eligibility for the scheme is that the person should lie in the age group 18-59 years and the second condition is that the person should be the head of the family or an earning member of the family.

A cover of Rs. 30,000 will be given to the nominee in case of the death of the insured person before the terminal date. In case of accident, a sum of Rs. 75,000 will be given if the insured person dies or acquires total permanent disability and a sum of Rs. 35,000 will be given if the insured person loses one eye or one limb in the accident. Also, an additional benefit from Aam Admi Bima Yojana scheme is the monthly scholarship given to the insured person’s children (studying in 9th-12th standard). The premium of Aam Admi Bima Yojana policy would be Rs. 200 out of which 50% will be subsidized by the Central Government and rest 50% will be subsidized by the State Government.

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