Aam Aadmi Bima Yojana

Aam Aadmi Bima Yojana

Aam Aadmi Bima Yojana (AABY) launched by department of Finance services of central government on 2nd October 2007. Mainly launched for the landless and backward people of India to provide them security by the government. This scheme is mainly launched for the BPL family and also the family who are staying in the areas where the all one facilities like hospitals and schools are not available so that they can also pull them self forward in the race of the world . There were many facilities were given in this scheme like life insurance and also accident coverage and scholarships for the children of the insured family.

Aam Aadmi Bima Yojana

Eligibility criteria for Aam Admi Bima Yojana

These are the requirements for applying for the Aam Admi Bima Yojana

  1. The person should be of age between 18 to 59 years.
  2. The person should have to be the head of the family or the only member of the family who is earning.
  3. The family should be below poverty line marginally above the poverty line

Benefits of Aam Aadmi Bima Yojana

Death benefit of this is scheme will be given to the nominee or the family of the policyholder on the natural death of person is Rs. 30,000/-

If death occurred due to accident and there is permanent disability such as both Limbs are both eyes lost in this case the nominee will be given the amount of Rs. 75,000/-

In case of partial permanent disability due to accident such as loss on 1 eye or one limb the amount will be given to the nominee or the family member of the policyholder is rupees 37,000/-
There is also a additional benefit of scholarship for the maximum 2 children of the family who is studying between 9th to 12th standard Rs.100/- per month for each children. It is payable every half yearly.

KYC Documents required for Aam Aadmi Bima Yojana

  • Ration Card
  • Voters Card
  • Birth Certificate
  • Aadhar Card
  • Any Identity card issued by government.

Claim procedure of Aam Aadmi Bima Yojana

Death claim and the disability claim which comes under this scheme are to be settled by the unit of LIC. They make directly payment to the beneficiary through NEFT or directly transfer of money to the beneficiary account but this will required the approval of the nodal agency who verified the claim paper and the death or disability.

Death claim procedure

If the person met with the death during the period of coverage while the policy is in force the application should be made by the nominee or the family member.

The application will be along with the death certificate for the payment of the claim amount.

One designated officer of the particular nodal agency will verify the claim paper and the death.

Then the officer will submit the whole document to the office along with the death certificate and a certificate that the decided member was head or the only earning member of the family belongs to BPL or marginally above the BPL.

Then after the agency has to submit the following with the application and the claim form duly completed and the original death certificate with a copy.

Accident claim procedure

In this case if the accident occurs some additional documents with the death certificate have to be provided that are:

  • FIR copy
  • Postmortem Report
  • Police Conclusion Report

Scholarship claim Procedure

The policyholder of Aam Aadmi Bima Yojana who has children eligible for scholarship should have to fill up the application form every half yearly and submit to the nodal agency the respected agency identifies and verifies the student. The nodal agency officer has to submit the list of beneficiary student to the LIC unit with full detail that are name of student, schools name, class, member’s name, policy membership number, bank detail for direct payment.

For more details visit:  http://financialservices.gov.in/insurance/gssois/aaby.asp

 

Life Insurance is Must

‘If I die someday suddenly, what would my family do? How would they earn money? I don’t have anything left to secure my family….!’ this is the condition of most of the people who are unaware about the various types of life insurance plans available which can secure your future. Many of us often don’t understand the importance of life when you no more have enough time left with you to secure your life.

When you start understanding these policies you would know their importance. It is an acknowledgement of your life that it is worth. You never go beyond lives, because usually no one thinks about there death. When you have a family that depends upon you, you will require life insurance to save their future. Life insurance policies are the one which show you your future and make you realize that you need to secure your family if at all you aren’t there. Once you know that you need a life insurance cover and are aware about the product to be chosen, then it isn’t difficult anymore.

Often there is a confusion doing rounds which policy to choose? How much to invest? This is because you don’t bother to invest your few minutes to know about the policy. The policy gives you excellent features with concessions as well as new festival plans every time. The best part is that life insurance is for everyone including couples who are nearing to retirement can go for the plan, or a person who has lost maximum amount of his income when he lost his spouse, or business people, employers. In fact every individual is subject to life insurance in some or the other way.

Life insurance policy plays a very important role in providing additional security of financial assets in your family. The myth that usually revolves around life insurance is only of one kind, but there are various forms of insurance plans available. There are other expenses that can be incurred from life insurance that include medical bills, gaining lost incomes, and many other expenses. But most of all you are been provided satisfaction that your family would be financially secure even if you aren’t there with them.

The worry most people have is stability which basically many of us lack. One purpose of buying life insurance product is to be relieved of your worries for your family. Be sure which product to be purchased. Life insurance is the best gift you can provide your family with. Why should your family suffer from hardships when you can secure them by just extracting a small amount of your income monthly or yearly basis? You can set an example by giving your loved ones a safe future.

There is no alternative to Life Insurance!

Jeevan Saathi

Jeevan Saathi

Jeevan Saathi Summary:

LIC Jeevan Saathi (Table No.89) is specially designed for married couples. It is for husband and wife who wants single policy for joint life risk cover.

Key features:

  • Unique Joint Life Insurance Policy from India’s No.1 Insurance company
  • Tax benefit
  • You can pay monthly, quarterly, half yearly or yearly premiums.

LIC Jeevan Saathi (Table No.89)

 

Maturity Benefits:
Sum assured plus Bonus are given, if husband and wife are alive upto maturity period.

Death Benefits:
(a) Future premiums are waived and survivor gets Sum Assured immediately on the death of Husband/wife.
(b) He/She gets Sum Assured again with full bonus, if the survivor (husband/wife) survives till maturity.
(c) Sum Assured plus Bonus is paid till that time to the nominee, if the survivor also dies before maturity.

Jeevan Saathi Highlights:

(a) Housewives: Max. Sum Assured is 15 lakhs for graduates having driving license or passport or credit card or mediclaim insurance. You need to submit a Proof.

(b) Females can take this plan without any extra premium who has undergone sterilization lives with 2 cesarean operation.

(c) Females can take this plan without any extra premium, who attained menopause and hasn’t undergone sterilization and lives with 2 cesarean operation.

(d) Maximum SA of 50 lakhs for Female category II and Max. SA of Rs. 2 lakhs is allowed under the plan to self-employed female or housewives live in category III.

(e) Pregnant ladies are not allowed in this plan. Wife need not to be a earning person for SA 2 lakhs or less.

(f) Jeevan saathi is issued only to working couple or wife should be an income tax assesses.

(g) Female has to pay 3% extra premium if she is with 1/2 cesarean operation.

(h) For females lives with 3 or more cesarean operation, this plan is NOT allowed.

(i) To grant insurance cover on Husband’s life, wife’s income is also considered but subjected to certain restrictions. (1) Based on his own income, husband should have been insured fully. (2) Proposer should be the wife. (3) Wife should belongs to female category I/II.

LIC Jeevan Saathi Conditions and Requirement:

  • Min. age at entry:     20 yrs
  • Max. age at entry:     50 yrs
  • Max. Maturity age :   70 years
  • Min. Term  :   15 years
  • Max. Term  :   30 years
  • Accident benefits per 1000 SA     Rs. 2 extra
  • Min. S.A. :    Rs 50000
  • Max. S.A. :    No Limit
  • Modes allowed :    All
  • SA in multiples :    Rs 5000
  • Revival  :   Yes
  • Surrender of Policy:     Yes
  • Housing Loan :    Yes

Example:
Mr. Jeevan and Mrs Puja are husband and wife. They buy a Jeevan saathi joint life insurance policy for 20 years term for Rs. 1 Lakh sum assured.

Scenario 1: (a) Unfortunately, if one of the either Mr Jeevan or Mrs Puja expires after some time, the survivor will get  Rs. 1lakh (without bonus) immediately and there will be no need for the survivor to pay future premiums. Again. if he or she survives till the maturity period then He/She will get Rs 1,88,000/- as maturity maturity amount (Rs 1 lakh sum assured + Rs 88,000/- being estimated bonus for full term. (b) In case if both died due to same accident and, if they die within 180 days from the date of accident of the first person then the nominee will get 4 times SA plus bonus accrued till the death. (c) If the survivor dies before the maturity term, then nominee will receive the SA + bonus till that period.

Scenario 2: If Mr.Jeevan and Mrs Puja survive till maturity then they together will get the maturity benefits of Rs 1,88,000 (Rs 1 lakh SA + Rs.88,000/- bonus at an estimated Rs 44 per 1000 per annum.

How to Apply for LIC Jeevan Saathi Policy?


Update: LIC Jeevan Saathi Plan No.89 Has Been Discontinued.


Note:
The above is the product summary giving the key features of the plan. This is for illustrative purpose only. This does not represent a contract and for details please refer to your policy document.

LIC Amulya Jeevan 1

LIC Amulya Jeevan 1 (Table No. 190)

Amulya Jeevan 1 Summary:

Protect your loved ones from any unexpected surprises in life, any time with Life Insurance Corporation of India’s Amulya Jeevan. Amulya Jeevan 1 (Plan No. 190) is a Term Assurance plan with minimum Sum Assured of Rs.25 lakh. This is a pure Term Assurance Plan like Anmol Jeevan 1.

Need Less than 25 lakh Term? Check: Anmol Jeevan 1 Pure Term Insurance

amulya jeevan 1

Benefits:

On Maturity:
On Maturity no amount will be paid to the Policyholder.

On Death:
On death of the Policyholder during policy term, S.A. will be paid to the nominee, provided the policy is kept in force.

Income tax rebate:
The premium paid towards Amulya Jeevan 1 is eligible for tax deduction under section 80C of the Income Tax Act,1961.

Eligibility Conditions and Restrictions for LIC Of India’s Amulya Jeevan-I:

Minimum Age at entry: 18 years (completed)
Maximum Age at entry: 60 years (nearest birthday)
Maximum Age at maturity: 70 years (nearest birthday)
Policy Term: 5 years to 35 years
Minimum Sum Assured: Rs.25,00,000/-
Maximum Sum Assured: No Upper Limit
(Policies will be issued in multiples of Rs.1,00,000/- for Sum Assured more than the minimum Sum Assured)
Loan: Not available
Surrender Value: Nil
Dating Back: Allowed
Grace Period: 15 days

Mode of Premium :
Premium can be paid either in Yearly, Half-yearly & Single Premium.

Cooling off period:
If you are not satisfied with the “Terms and Conditions” of the policy, you may return the policy to Life Insurance Corporation Of India within 15 days.

Example: Mr. LIC takes a policy for 25 years for Rs.50 lakhs.
(a) On survival till maturity, Mr. LIC will not receive any amount.
(b) On death of Mr. LIC during policy term, his nominee will get Rs.50 lakh S.A.

The Unique Identification Number (UIN) for LIC Of India’s Amulya Jeevan – 1 is 512N250V01.

Note:
The above is the product summary giving the key features of the plan. This is for illustrative purpose only. This does not represent a contract and for details please refer to your policy document.

LIC Anmol Jeevan 1

LIC Anmol Jeevan 1

LIC Anmol Jeevan 1 Table No. 164

Term insurance is often the most inexpensive life insurance solution. Term insurance is recommended by most of the investment and financial experts.

Anmol Jeevan-I Summary:

Life Insurance Corporation Of India’s Anmol Jeevan-I (Plan No. 164) is a unique plan of assurance, by far the cheapest policy to buy; cheaper than even a whole life policy to start with.  Anmol Jeevan-I is a pure term cover provides only life cover unlike endowment and money back policies which have a built-in saving element too.

LIC anmol jeevan

Benefits:

On Maturity:
On Maturity no amount will be paid to the Policyholder.

On Death:
On death of the Policyholder during policy term, S.A. will be paid to the nominee.

Income tax rebate:
The premium paid towards Anmol Jeevan-I is eligible for tax deduction under section 80C of the Income Tax Act,1961.

 

LIC Anmol Jeevan 1 Table No. 164

Eligibility Conditions and Restrictions for Anmol Jeevan-I:

  • Minimum Age at entry: 18 years (completed)
  • Maximum Age at entry: 55 years (nearest birthday)
  • Maximum Age at maturity: 65 years (nearest birthday)
  • Policy Term: 5 years to 25 years
  • Minimum Sum Assured: Rs.5,00,000/-
  • Maximum Sum Assured: Less than 25,00,000 /-
    (Policies will be issued in multiples of Rs.1,00,000/- for Sum Assured above the minimum Sum Assured)
  • Loan: Not available
  • Surrender Value: Nil
  • Dating Back: Allowed
  • Grace Period: 15 days

Payment Of claims:
No Claims concession will be applicable to this Policy.

Mode of Premium :
Premium can be paid either in Yearly, Half-yearly & Single Premium.

Example: Mr. Ashok takes a policy for 20 years for Rs.20 lakh sum assured.
(a)
On survival till maturity, Mr. Ashok will not receive any amount.
(b) On death of Mr. Ashok during policy term, his nominee will get Rs.20 lakhs S.A.

Don’t like Term plan? Check out : Jeevan Anand whole life endowment Plan

The Unique Identification Number (UIN) for Anmol Jeevan-I Plan is 512N213V01.

How to Apply for Anmol Jeevan 1?


Update: Anmol Jeevan-I Plan No. 164 Has Been Discontinued.


Note:
The above is the product summary giving the key features of the plan. This is for illustrative purpose only. This does not represent a contract and for details please refer to your policy document.