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What is Aam Aadmi Bima Yojana

Aam Aadmi Bima Yojana is a government sponsored social security scheme that offers life cover to the sole  earning members of families below poverty line as well as rural households with no land. Coverage is provided against permanent total or partial disability as well as accidental and natural death.  The Central and State governments share the annual premium of ₹200 per person equally. This saves the insured the money towards payment of the premium.

Why was Aam Aadmi Bima Yojana launched?

Aam Admi Bima Yojana was launched in October 2007, primarily to provide financial assistance to the rural poor with little or no access to basic services such as hospitals and pharmacies. This socially inclusive scheme covers those who fall below the poverty line and supports their families in the event of death or disability of the insured. However, if you are looking for higher coverage at low costs, you can consider Bajaj Allianz Smart Protect Goal Term Plan available on Finserv MARKETS. 

 Benefits of Aam Aadmi Bima Yojana

  1. Surviving nominees of the insured receive a death benefit of ₹30,000 in the event of a natural death, ₹75,000 if the policyholder dies due to an accident or is disabled permanently due to an accident and ₹37,500 in case of accidental partial permanent disability.
  2. A maximum of two children of the person in whose name the scheme is purchased qualify for a scholarship benefit. They should be studying between 9th to 12th standard and receive ₹100 per month each,  paid half-yearly every year.

Eligibility criteria for Aam Aadmi Bima Yojana

To be eligible for Aam Aadmi Bima Yojana an applicant:

  • Must be between the age of 18 to 59 years
  • Be the only  head or earning member of a family below poverty line (BPL) or slightly above the poverty line also classified as a rural landless household
  • Should furnish a few documents

Documentation required for Aam Aadmi Bima Yojana application

The following documents are required to apply for Aam Admi Bima Yojana scheme

  • Ration card
  • Birth registration proof
  • School certificate 
  • Voter Card
  • Aadhar card
  • Identity card issued by a recognised company or government department

Aam Aadmi Bima Yojana premiums

For a basic cover of ₹30,000 an Aam Aadmi Bima Yojana member has to make a payment of ₹200 per the number of persons in the family. Half of this amount is subsidized and is borne by the State government or Union Territory in the case of rural households with no land. For occupational groups, it also  includes the corresponding nodal agency.    

Procedure to claim Aam Aadmi Bima Yojana

P&GS unit of LIC is responsible for claim settlement due to the  death or disability of the policy holder of the Aam Admi Bima Yojana. After the claim is processed, payment is either made through NEFT or the amount transferred directly into the bank account of the beneficiary. LIC can also make payment through a A/C payee check or any other mode that it finds suitable.  

Death claim procedure

  1. The nominee needs to fill the Aam Admi Bima Yojana death claim form and apply for claim if the insured dies when the policy is in effect.
  2. The application along with a death certificate should be submitted to the concerned Nodal Agency officer.
  3. The submitted claim papers undergo a verification process by the officer assigned as per the particular Nodal Agency.
  4. The documents, Aam admi bima yojana death claim form, death certificate as well as a certificate declaring that the  insured member who was the head or earning member of the family falls under BPL or marginally above BPL family is to be submitted by the officer.
  5. It is important that the duly completed claim form as well the death certificate in original with a duly attested copy is submitted by the Nodal Agency along with the Aam admi bima yojana death claim form.

Accident claim procedure

To register a claim for the death of the person insured under  Aam Aadmi Yojana the following documents need to be submitted by the beneficiary along with the Death Registration Certificate:

  • Copy of FIR
  • Post mortem report
  • Police inquest report
  • Police conclusion report or final report

The term insurance plan available on Finserv MARKETS also comes with add-ons like accidental death benefit, critical illness benefit and accidental total permanent disability benefit among others. Moreover, you can avail a cover of up to Rs 1 crore to secure your family against any unforeseen circumstances in the future.

 Scholarship claim procedure

  1. The child of the Aam Aadmi Yojana member who is eligible for a scholarship needs to fill up an application form on a half-yearly basis and submit it to the nodal agency.
  2. The Nodal agency then identifies and verifies the students and submits the list to the applicable P&GS unit with their full details.
  3. These include the name of the student, school, class number, member’s name, master policy number, membership number and NEFT details.
  4. Every year on July 1 and January 1, the scholarship payment amount is credited by LIC to the Account of the beneficiary student either by NEFT or directly into the bank account.

FAQs on Aam Aadmi Bima Yojana

  • ✔️Where can you apply?

    You can submit an application to the respective Nodal Agency which may be a department under the Central Government, State Government or Union Territory of India or an institutional arrangement or a registered NGO appointed to administer the Scheme.
  • ✔️What is the Aam Aadmi Yojana Premium Fund?

    This is a fund established by the Central Government to pay for its contribution that is maintained by LIC. It offers free scholarship to children of the insured as an add-on benefit.

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