Related Frequently Asked Questions and Answers

1)  When was  Aam Aadmi Bima Yojana launched and what is its aim?

Ans: On October 2, 2007, the Aam Admi Bima Yojana was launched. It is an Indian social security scheme aimed at low-income Indian households. This program can help fishermen, automobile drivers, cobblers, and others who are not ordinarily on the payroll. Individuals with low incomes may not consider accumulating money to prepare for a significant event such as death or incapacity. The Aam Aadmi Bima Yojana (AABY) assists people in dealing with such unpleasant events.

2) What are the goals of the Aam Aadmi Bima Yojana Scheme?

Ans: The main goals of the Aam Aadmi bima yojana are:

• To increase the money supply in the economy.
• To provide coverage for both death and incapacity.
• To extend India’s social security coverage.
• To give financial support to low-income households.

3) What are the advantages of the Aam Aadmi Bima Yojana?

Ans: Following are the advantages:

• The Aam Aadmi Bima Yojana is available to adults aged 18 to 59. If a plan member dies from natural circumstances, LIC will pay a Death Claim of INR 30,000.
• Accidents are unexpected and can have significant effects. Accidental Death is covered by the Aam Aadmi Bima Yojana, and the nominee receives payment of INR 75000 under this coverage.
• The incapacity of a family member comes as a major shock to the rest of the family. If the individual is the family’s sole earner, the family may suffer emotionally as well as financially. AABY gives the home a financial boost.

4) Write the Eligibilities of the Aam Aadmi Bima Yojana?

Ans: For eligibility, the beneficiary must have fulfilled certain conditions:

• To be eligible for the Aam Aadmi Bima Yojana, applicants must be between the ages of 18 and 59.
• The applicant must come from a family that is below the poverty line (BPL).
• The scheme is open to anyone who is a member of a rural landless household.
• One family member will be eligible for coverage. He or she should be the sole provider for the family.

5) Write the Features of the Aam Aadmi Bima Yojana Scheme?

Ans: Following are the features of the Aam Aadmi Bima Yojana scheme:

• Aam Aadmi Bima Yojana has an exceptionally cheap premium cost. This makes the plan more reasonable, and you won’t have to worry about saving up for premium payments. 
• In addition, the government pays half of the premium cost.
• With the support of technological innovation, the government is attempting to deliver better services to the general people. 
• Members can readily find answers to their questions by contacting the nearest Life Insurance Corporation (LIC) branch. You can contact the team by phone, email, or in person.
• All members’ data is digitized and tracked utilising a web-based system that allows for speedy information transfer when needed. This is also useful throughout the Claim Settlement process.