Aam Aadmi Bima Yojana 

What is the Aam Aadmi Bima Yojana?

The Aam Aadmi Bima Yojana is a government scheme that offers life insurance coverage in the form of financial support to the weaker sections of society in the event of the primary earner’s death or disability. The scheme mainly targets individuals working in unorganized sectors such as handloom, fishery, dairy, construction, agriculture, and other similar occupations. 

This life insurance government scheme shares the ₹200 premium in a 50:50 ratio between the central and state governments. The AABY scheme provides ₹30,000 in the event of natural death, ₹75,000 in the event of accidental death, and ₹37,500 in the case of partial disability or permanent disability due to an accident.

Since the scheme is administered by LIC of India, to claim coverage from the scheme, the nominee needs to contact the company to submit the claim form within 30 days of the life-assured's incident. The claim will then be processed by the respective state government, and the payment will be made to the nominee’s bank account.

Benefits of the Aam Aadmi Bima Yojana Government Scheme

Financial Protection: The AABY government scheme offers financial aid to the family of Life Assured in the event of the Life Assured's death or disability

Lower Premiums: The premiums for the Aam Aadmi Bima Yojana scheme are very budget-friendly as they start at just ₹200 per month for every individual, which makes it easily accessible for individuals from all backgrounds.

Covered: The aam admi bima yojana scheme also covers deaths due to natural calamities like floods, earthquakes, etc. 

Easy Enrolment: The enrollment process for this government scheme is very easy and simple, and you can enrol at any time of the year.

Coverage for Women: This term insurance government scheme provides special benefits like maternity benefits and coverage for women customers.

Eligibility Conditions for Aam Aadmi Bima Yojana

Here is the list of eligibility conditions required to buy the Aam Aadmi Bima Yojana:

Documents Required to Buy the Aam Aadmi Bima Yojana

Here is a list of documents you need to buy the Aam Aadmi Bima Yojana:

How to Apply for the Aam Aadmi Bima Yojana?

To apply for the Aam Aadmi Bima Yojana LIC, here is what you need to do:

Step 1: Visit the nearest Aam Aadmi Bima Yojana centre for the application form.

Step 2: Fill out the application with correct information like personal, income, occupation, and bank account details.

Step 3: Attach all the required documents, such as the Aadhaar card, age proof, address proof, bank account details, income certificate, and occupation proof.

Step 4: Submit the application form and the documents to get the policy certificate issued.

Step 5: The policy certificate will be sent to the applicant’s registered address, and the applicant can pay the premiums either annually or in installments, as per policy terms.

Exclusions of the Aam Aadmi Bima Yojana of LIC

Here is a list of exclusions not covered in the Aam Aadmi Bima Yojana LIC scheme:

• The exclusions of the Aam Aadmi Bima Yojana of LIC do not cover employees in the organised sector, such as government employees or people working in private companies with provident funds.

• The scheme does not cover income taxpayers, people already covered under other insurance schemes, or people who are not the primary breadwinners of the family.

• This AABY scheme also does not cover individuals over the age of 59 years.