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Aam Aadmi Bima Yojana

Bima Yojana
Labor Scheme
Application Process
Documents Required
Frequently Asked Questions
Aam Aadmi Bima Yojana (AABY) is a government-sponsored social security scheme that aims to provide affordable life insurance coverage to the unorganized sector of the population in India. The scheme was launched in 2007 and is administered by the Life Insurance Corporation of India (LIC).

The primary objective of the scheme is to provide financial support to the economically weaker sections of the society in case of the death or disability of the earning member of the family. The scheme targets those who work in unorganized sectors such as agriculture, fishery, dairy, handloom, construction, and other similar occupations.

Under the AABY scheme, the head of the family or the earning member of the family between 18 and 59 years of age is eligible to apply for insurance coverage. The premium for the scheme is shared between the central and state governments in a 50:50 ratio. The total premium for the scheme is Rs. 200 per person per annum.

Out of the total premium, Rs. 100 is borne by the central government, Rs. 30 by the state government, and the remaining Rs. 70 by the beneficiary. The premium is deducted from the bank account of the beneficiary through the electronic clearance system (ECS) or any other mode of payment.

The scheme provides coverage of Rs. 30,000 in case of natural death, Rs. 75,000 in case of accidental death, and Rs. 37,500 in case of partial disability or permanent disability due to an accident. The coverage also includes an add-on benefit of scholarship to the children of the insured in case of the death of the insured.

To claim the insurance coverage, the nominee of the insured person needs to submit a claim form to the LIC branch office or any other authorized office within 30 days of the occurrence of the incident. The claim is then processed by the respective state government and the payment is made to the nominee's bank account.
Overall, the Aam Aadmi Bima Yojana is an important initiative of the Indian government to provide social security to the unorganized sector of the population. It provides financial support to the family members of the insured person in case of an unforeseen event and helps in reducing their financial burden.

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