Aam Admi Bima Yojana (AABY)
AABY is a Government of India Social Security Scheme administered through Life Insurance Corporation of India (LIC).It provides Death and Disability cover...
AABY is a Government of India Social Security Scheme administered through Life Insurance Corporation of India (LIC).
It provides Death and Disability cover to persons between the age group of 18 yrs to 59 yrs.
It is a group insurance scheme providing insurance cover for a sum of Rs 30,000/- on natural death, Rs. 75,000/- on death due to accident, Rs. 37,500/- for partial permanent disability due to accident and Rs. 75,000/- for total permanent disability due to accident.
The total annual premium under the scheme is Rs. 200/- per beneficiary of which 50% is contributed from the Social Security Fund created by the Central Government and maintained by LIC. The balance is contributed by the State Government / Nodal Agency / Individual.