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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.
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.
To be eligible for Aam Aadmi Bima Yojana an applicant:
The following documents are required to apply for Aam Admi Bima Yojana scheme
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.
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.
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:
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.
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