What is Aam Aadmi Bima Yojana?
The government of India has launched various schemes now and one of them is the Aam Aadmi Bima Yojana for the benefit of the people. Aam Aadmi Bima Yojana aims to provide financial support for the people in need. It was launched on 2nd October 2007. The scheme aims to cover the expenses of families who belong to below poverty line backgrounds. The citizens who are not working on regular payroll like cobblers, shopkeepers, drivers, fishermen, etc can be benefited from this scheme. The Aam Aadmi Bima Yojana (AABY) supports these people when they need, it or when there is a major event that changes their life like disability or death. AABY provides financial support to those families who are hit by unfortunate events of life.
Aam Aadmi Bima Yojana: Criteria
Citizens of India are eligible for Aam Aadmi Bima Yojana but not all the citizens. There is a specific category under which the citizens can enroll themselves to enjoy the benefits of the Aam Aadmi Bima Yojana. The specific category is given by the government of India which is listed below.
- Age- The age limit for applying for Aam Aadmi Bima Yojana starts from 18 years to 59 years. Any person who comes under this age category is eligible to apply for AABY.
- Income- The applicant applying for the Aam Aadmi Bima Yojana must belong to the Below Poverty Line background. The person who belongs to a rural landless household is also eligible to apply for AABY.
- Members- Only one member of the family applying for AABY is eligible to get coverage and he/she must be the sole earner of the family.
If the citizens are eligible for all these categories, then they can apply for Aam Aadmi Bima Yojana and the people who are not under these categories can apply for other Governmental schemes.
Aam Aadmi Bima Yojana: Features
- Affordable- The premium cost of Aam Aadmi Bima Yojana is very low and this makes it more affordable for the people with low income. The applicants do not have to worry about paying the whole premium as the government is holding them back and paying half of the premium.
- Advantages of Technology- As technology is transforming in this developing era, the government is trying to encourage people to try new things which are related to trending technologies. In Aam Aadmi Bima Yojana, all the details and data are digitalized and tracked using web-based systems. This enables the quick transfer of information whenever it is needed. During the claim settlement, it makes the work easier for the beneficiaries.
- Assistance- All the members who registered in Aam Aadmi Bima Yojana can get their queries solved easily by contacting the nearest life insurance corporation branch. They are also available via call, email, and personal visits.
Aam Aadmi Bima Yojana: Benefits
All the government schemes have major benefits for the people living under low-income categories. This scheme also comes with various advantages which are listed below.
- Aam Aadmi Bima Yojana covers death claims of the applicant who registered under the Aam Aadmi Bima Yojana and is under the age of 18 to 59, then LIC pays a death claim of ₹30,000. The cause of death must be a natural death.
- If the sole earner of the family is disabled due to any reason and is registered under the Aam Aadmi Bima Yojana, the scheme will provide financial support to the family. If the person is partially disabled, then the family will be given 37,500 and if the person is permanently disabled then the family will be given ₹75,000.
- The scheme also covers claims for accidental benefits. If the person dies due to an accident, the AABY will cover up to ₹75,000.
- The scheme provides scholarship benefits. The scheme ensures that at least two children of a family received interrupted education. For eligible students, the scheme provides a free scholarship of ₹100 per month from grades 9 to 12 on a half-yearly basis.
Aam Aadmi Bima Yojana: Documents Required
- Application form
- Identity proof
- Income certificate
- Address proof
- Nominee Application form
FAQs related to Aam Aadmi Bima Yojana
1. What is the Aam Aadmi Bima Yojana?
Ans. Aam Aadmi Bima Yojana is the merger of social security schemes, Aam Aadmi Bima Yojana and Janashree Bima Yojana, which is approved by the government of India, under the Ministry of Finance.
2. What are the eligibility criteria for Aam Aadmi Bima Yojana?
Ans. The age limit for the Aam Aadmi Bima Yojana is under 18-59 years. The applicant must belong to a Below poverty line background.
3. How to register a death insurance claim under Aam Aadmi Yojana?
Ans. The person who wants to claim death insurance under the Aam Aadmi Bima Yojana must have the required documents along with a death registration certificate.