Aam Aadmi Bima Yojana is a social security scheme offered by India’s largest life insurance service provider Life Insurance Corporation of India (LIC). This is a death and disability cover that provides lump sum compensation to the insured person following an adverse event. The present scheme is a merger of Aam Aadmi Bima Yojana and Janashree Bima Yojana. The merged scheme came into effect from January 1, 2013 onwards. This health insurance policy cover comes with an affordable price tag and ensures that people are compensated against various eventualities like death and disability.
People who wish to subscribe to the Aam Aadmi Bima Yojana must meet the following eligibility criteria:
Some of the key features of Aam Aadmi Bima Yojana can be listed as follows:
The benefits offered by Aam Aadmi Bima Yojana policy can be given as follows:
|Benefits||Extent of coverage|
|Natural death of the insured||Rs.30,000 paid to the nominee or legal heir|
|Accidental death of the insured||Rs.75,000 paid to the nominee or legal heir|
|Permanent total disability of the insured due to an accident (loss of 2 eyes or two limbs or one eye and one limb)||Rs.75,000 paid to the insured|
|Permanent partial disability of the insured due to an accident (loss of one eye or one limb)||Rs.37,500 paid to the insured|
|Scholarship benefits offered following the death or permanent total disability of the insured (maximum of 2 children)||Rs.100 per month on a half-yearly basis for children studying 9th to 12th standard|
Some of the exclusions listed out by Aam Aadmi Bima Yojana policy can be given as follows:
In case of the death of the insured member during the policy term, the nominee must apply for the claim along with the death certificate of the insured. The claim application must be submitted in the respective Nodal Agency designated by the insurer. For disability claims, the insured member must file the application with the insurer. The following documents must be submitted at the time of claim application:
Once the documents are submitted to the insurer, the claim process will begin. The insurer will verify the documents and confirm the validity of the claim. If the documents are found to be valid, the claim amount will be paid to the nominee or insured.