Life Insurance Corporation (LIC) thus facilitates Aadmi Vima Yojana (AABY). It includes unorganized sector workers between the ages of 18 and 59 who can become members of the Aam Aadmi Vima Yojana (AABY). In which you get a cover of Rs. 30,000. Life Insurance Corporation runs a social security policy called 'Aam Aadmi Vima Yojana'.
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The scheme has been launched for day laborers working in the unorganized sector. Thus the man insurance scheme is managed by LIC. The scheme implemented by the Government of India has several benefits along with insurance coverage.
Ration card, birth certificate, school leaving certificate, water ID card, any identity card issued by the government department, Aadhar card are mandatory for taking this insurance. The scheme can be availed by persons between the ages of 18 to 59 years. The insured must be the head of the household or the breadwinner of the household.
This insurance can be taken by a person who lives below the poverty line. Under this scheme, an annual insurance premium of Rs. 30,000 will have to be paid at Rs. 200. The government will also pay a premium of 50 per cent.
According to LIC's website, the insurance is worth Rs 30,000. The nominee will be paid Rs. 75,000 in case of death or accident or disability of the insured. In case of partial disability, an amount of Rs. 37,500 will be paid to the insured or heir. The children of this insurance holder will be given a scholarship of Rs. 100 per child during Std. 9-12
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