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Aam Aadmi Bima Yojana: Provides Death and Disability Cover to Persons Between the Age Group of 18 Yrs To 59 Yr |
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Aam Admi Bima Yojana (AABY) is a Government of India Social Security Scheme administered through Life Insurance Corporation of India (LIC) that provides Death and Disability cover to persons between the age group of 18 yrs to 59 yrs, under 48 identified vocational/ occupational groups /rural landless households. It is a group insurance scheme implemented through a Nodal Agency such as a Central Ministry/ Department; State Government /Union Territory or other institutionalized arrangements/ registered NGO. The AABY provides insurance cover for a sum of ₹ 30,000/- on natural death, ₹ 75,000/- on death due to accident, ₹ 37,500/- for partial permanent disability (loss of one eye or one limb) due to accident and ₹ 75,000/- for total permanent disability (loss of two eyes or two limbs or loss of one eye and one limb) due to accident. The Scheme also provides an add-on-benefit, wherein Scholarship of ₹ 100 per month per child is paid on half-yearly basis to a maximum of two children per member, studying in 9th to 12th Standard. The total annual premium under the scheme is ₹ 200/- per beneficiary of which 50% is contributed from the Social Security Fund created by the Central Government and maintained by LIC. The balance 50% of the premium is contributed by the State Government / Nodal Agency / Individual, as the case may be. The State/UT-wise details of the total number of beneficiaries covered under AABY are given in Annexure A. Government of India has set up a Centralized Social Security Fund and Aam Admi Bima Yojana Scholarship Fund. The same is being administered by LIC. There is no State/UT-wise allocation of these funds. The due amounts required for settling Premium and Scholarships are debited from these funds. The outgo of these funds towards Payment of Premium & Scholarships settled during last three years and the current year are given as per Annexure B.
ANNEXURE B
*in the year 2012-13 Scholarships under the erstwhile Janashree Bima Yojana (JBY) were being settled through Social Security Fund(SSF) for which the bifurcation is ₹ 422.22 Cr Premium outgo and ₹ 146.88 Cr Scholarship paid (Total ₹ 569.10 Cr)
This was stated by Shri Jayant Sinha, Minister of State in the Ministry of Finance in written reply to a question in Rajya Sabha today |
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