Ministry/Department : Ministry of Finance
- Aam Aadmi Bima Yojana is a Social Security Scheme
- For 48 identified vocational/ occupational groups / rural landless household.
- Provides Death and Disability cover to persons between the age group of 18 yrs to 59 yrs
- The AABY provides 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 (loss of one eye or one limb) due to accident and
- Rs. 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 Rs 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 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 50% of the premium is contributed by the State Government / Nodal Agency / Individual, as the case may be
Factual Information:
- Started in 2007
- Administered through LIC
- Now, replaced by PMJJBY and PMSBY