LIC Aam Aadmi Bima Yojana 2024: Apply Onlin & Status

LIC Aam Aadmi Bima Yojana Apply Online & Application Form | LIC Aam Aadmi Bima Yojana Check Beneficiary Category & Last Date | LIC Aam Aadmi Bima Yojana Check Benefits & Features | LIC Aam Aadmi Bima Yojana Check Selection & Implementation Procedure | LIC Aam Aadmi Bima Yojana Check Eligibility & All Details | 

The LIC Aam Aadmi Bima Yojana is a comprehensive car insurance program that gives family members financial security through a variety of benefits. The plan provides coverage for a number of scenarios, including death insurance, disability benefits, accidental death benefits, and natural death benefits. The program makes sure that everyone has access to and can profit from insurance.

This article will provide all types of information about the LIC Aam Aadmi Bima Yojana 2024 like purpose, Eligibility Criteria, Benefits, Features, important documents, etc. Apart from this, we will share the process to apply online for this scheme. To get complete information about this scheme, read this article till the end.

LIC Aam Aadmi Bima Yojana          

The government-sponsored LIC Aam Aadmi Bima Yojana is an insurance program designed to give the economically challenged members of society financial stability. The purpose of this program is to provide individuals who fall under the below-poverty-line (BPL) category and specific occupational groups with reasonably priced life and disability insurance coverage. The purpose of this program is to offer assistance and financial stability in the event of unfavourable circumstances like accidents, disability, and death.

Through the Aam Aadmi Bima Yojana, which was initiated by the Life Insurance Corporation of India (LIC), millions of people who would not have been able to afford insurance coverage now have access to it. The main objective of this scheme is to furnish the underprivileged segments of the community with a social safety net, guaranteeing them access to decently priced insurance against death and disability.

Highlights of LIC Aam Aadmi Bima Yojana 2024

The highlights of this scheme are as follows:- 

Objectives of LIC Aam Aadmi Bima Yojana 2024

The LIC Aam Aadmi Bima Yojana aims to achieve the following objectives:-

• Provide life insurance coverage to individuals belonging to the below poverty line (BPL) category and certain occupational groups.
• Offer disability insurance coverage to eligible individuals.
• Ensure that the economically vulnerable sections of society have access to affordable insurance.
• Provide financial security to the families of insured individuals in the event of their death or disability.
• Promote financial inclusion by extending insurance benefits to those who would otherwise be excluded from such coverage.

Beneficiary Category 

The LIC Aam Aadmi Bima Yojana is open to individuals belonging to the below-poverty line (BPL) category and certain occupational groups. The eligible occupational groups include the following:-

• Landless agricultural labourers
• Rural artisans
• Self-employed individuals
• Street vendors
• Construction workers
• Beedi workers
• Domestic workers

Application Enrollment Last Dates

Enrollment for the LIC Aam Aadmi Bima Yojana can be done throughout the year. However, it is important to note that the premium for the scheme is payable on an annual basis. Individuals who wish to enroll in the scheme should ensure that they submit their applications and pay the premium before the specified due date. It is advisable to check with the nearest LIC branch or authorized insurance agents for the exact last dates of enrollment.

Selection Procedure 

The selection procedure for the LIC Aam Aadmi Bima Yojana is simple. Eligible individuals can apply for the scheme by filling out the application form and submitting it along with the necessary documents to the LIC branch or authorized insurance agents. The applications are then processed, and upon successful verification, insurance coverage is provided to the eligible individuals. It is important to provide accurate and complete information in the application form to ensure a smooth selection process.

Implementation Procedure 

The implementation of the LIC Aam Aadmi Bima Yojana involves the following steps:-

• Identification of eligible individuals belonging to the below poverty line (BPL) category and certain occupational groups.
• Enrollment of eligible individuals through the submission of application forms and payment of the annual premium.
• Processing of applications and verification of the provided information.
• Issuance of insurance policies to the selected individuals.
• Regular payment of claims in the event of death or disability of the insured individuals.

Supervision Body 

The LIC Aam Aadmi Bima Yojana is supervised by the Life Insurance Corporation of India (LIC), which is the implementing agency for this scheme. LIC ensures the smooth functioning of the scheme and monitors the enrollment process, policy issuance, and claim settlements.

Death Insurance Benefit

One of the primary benefits of the Scheme is the death insurance benefit. In the event of the policyholder’s demise, a lump-sum amount is paid to the nominee. This amount can help the family cope with the financial burden and ensure their well-being.

Disability Insurance Benefit

In case of disability due to an accident or illness, the Scheme provides a monthly income to the policyholder. This benefit helps individuals and their families manage their day-to-day expenses during the period of disability.

Accidental Death Benefit

Additionally, the scheme offers an additional sum assured in case of accidental death. This benefit provides an extra layer of financial protection to the policyholder’s family in case of an unfortunate accident.

Natural Death Benefit

The Scheme also provides a defined amount for natural death. This benefit ensures that the policyholder’s family receives financial support even in the event of natural demise.

Loan Facility

After three policy years, individuals can avail of a loan against their Scheme policy. This feature provides a source of liquidity during times of financial need.

Flexible-Premium Payment Options

The scheme offers flexible premium payment options to suit the policyholder’s convenience. Individuals can choose to pay their premiums annually, half-yearly, quarterly, or even monthly, depending on their financial capabilities.

Grace Period

The Scheme allows a grace period of 30 days for premium payment. This provision ensures that policyholders have sufficient time to make their premium payments without any penalty or policy lapse.

Revival Benefit

In case the policy lapses due to non-payment of premiums, individuals have the option to revive their policy. However, a penalty may be applicable depending on the duration of the lapse. This benefit allows policyholders to reinstate their coverage and continue enjoying the scheme’s advantages.

Tax Benefits

One of the notable advantages of the Scheme is the tax benefits it offers. Policyholders can avail tax deductions on both the premiums paid and the benefits received, as per the prevailing tax laws.

Easy Claim Process

The Scheme ensures a fast and hassle-free claim process. In the event of a claim, the nominee or policyholder’s family can easily navigate the process and receive the benefits in a timely manner.

Key Guidelines 

The key guidelines are as follows:- 

• Eligible individuals must provide accurate and complete information in the application form.
• The premium for the scheme is payable on an annual basis.
• Enrollment can be done throughout the year, but it is important to submit the application and pay the premium before the specified due date.
• Only individuals belonging to the below poverty line (BPL) category and certain occupational groups are eligible for this scheme.
• Proper documentation must be submitted along with the application form for verification purposes.
• Claim settlements are made in the event of the insured individual’s death or disability.
• Regular premium payments are necessary to keep the insurance coverage active.
• Any changes in personal details should be promptly communicated to the LIC branch or authorized insurance agents.
• Individuals should read and understand the terms and conditions of the scheme before enrolling.
• It is advisable to consult with LIC representatives or authorized insurance agents for any queries or clarifications regarding the scheme.

Important Instructions 

Some important instructions issued for applicants are as follows:- 

• Ensure that the application form is filled out accurately and completely.
• Submit the necessary documents along with the application form.
• Pay the annual premium before the specified due date.
• Keep a copy of the submitted application form and premium payment receipt for future reference.
• Notify LIC in case of any changes in personal details.
• Inform the nominee about the insurance coverage and provide them with the necessary documents.
• Read and understand the policy terms and conditions.
• Keep the insurance policy document in a safe place.
• Contact LIC in case of any queries or concerns regarding the scheme.
• Renew the insurance coverage by paying the annual premium on time.

Tips & Tricks

Some tips and tricks are as follows:-

• Understand the eligibility criteria and ensure that you belong to the eligible category.
• Keep all the necessary documents ready before applying for the scheme.
• Submit the application form and premium payment well before the due date to avoid any last-minute hassles.
• Regularly check for any updates or changes in the scheme.
• Read and understand the policy terms and conditions to know your rights and responsibilities.
• Stay informed about the claim settlement process and the documents required for the same.
• Make timely premium payments to ensure uninterrupted insurance coverage.
• Seek guidance from LIC representatives or authorized insurance agents for any queries or concerns.
• Encourage eligible individuals in your community to enroll in the scheme and spread awareness about its benefits.
• Keep track of the policy renewal dates and make timely payments.

General Points to Remember

Some general points to remember are as follows:-

• This scheme provides life and disability insurance coverage to eligible individuals.
• It is designed to offer financial security to the economically vulnerable sections of society.
• Enrollment can be done throughout the year, but the premium is payable on an annual basis.
• Only individuals belonging to the below poverty line (BPL) category and certain occupational groups are eligible.
• Accurate and complete information must be provided in the application form.
• Regular premium payments are necessary to keep the insurance coverage active.
• Claim settlements are made in the event of the insured individual’s death or disability.
• It is advisable to read and understand the terms and conditions of the scheme before enrolling.
• Consult with LIC representatives or authorized insurance agents for any queries or clarifications.
• Stay updated about any changes or updates in the scheme.

Benefits of LIC Aam Aadmi Bima Yojana 2024

The benefits of this scheme are as follows:-

• Death Insurance Benefit: Provides a lump-sum amount to the nominee in case of the insured’s death during the policy term.
• Disability Insurance Benefit: Offers a monthly income to the insured in case of total permanent disability due to an accident or illness.
• Accidental Death Benefit: Provides an additional sum assured to the nominee if the insured’s death is due to an accident.
• Natural Death Benefit: Offers a defined amount to the nominee in case of the insured’s death due to natural causes.
• Loan Facility: The policyholder can avail loans against the policy after completion of 3 policy years.
• Premium Payment Options: Allows for flexible premium payment options, either annually, half-yearly, quarterly, or monthly, as per the policyholder’s convenience.
• Grace Period: Provides a grace period of 30 days for the premium payment due date.
• Revival Benefit: Gives policyholders an opportunity to revive their lapsed policy within a specified period by paying the outstanding premium with applicable interest.
• Tax Benefits: Offers tax benefits on the premiums paid and the death or disability benefits received under the policy.
• Easy Claim Process: LIC provides a hassle-free claim settlement process, ensuring timely assistance and support to the policyholder’s nominee.

Features Of LIC Aam Aadmi Bima Yojana 2024

The features of this scheme are as follows:-

• Affordable Premiums: The policy offers low premium rates suitable for individuals from economically weaker sections.
• Age Limit: Provides coverage to individuals between 18 to 59 years of age.
• Sum Assured: Offers a sum assured of INR 30,000 for natural or accidental death, and INR 75,000 for total permanent disability.
• No Medical Examination: No medical tests are required for availing this policy.
• Entry Age: Individuals can enter the policy from the age of 18 to 21, depending on their educational qualifications.
• Renewability: The policy can be renewed till the policyholder reaches the age of 60.
• Policy Term: The policy term is for 5 years and can be extended till the age of 60 if the policyholder continues to pay the premium.
• Nomination Facility: Allows the policyholder to nominate a person for receiving the policy benefits.
• Group Insurance: The policy can be availed by various groups such as registered NGOs, Self Help Groups, and other microfinance organizations.
• Insurance Coverage: The policy provides coverage for death due to accidents or natural causes, as well as total permanent disability due to an accident or illness.

LIC Aam Aadmi Bima Yojana Eligibility Criteria 

The applicants will need to follow the below-mentioned points to apply online for this scheme:-

• Age: Individuals between 18 to 59 years of age are eligible to apply for this policy.
• Income Level: The policy is specifically designed for individuals from economically weaker sections with an income below a certain threshold.
• Profession: Policyholders should be engaged in eligible trades or occupations listed by LIC.
• Group Membership: Membership in certain specified groups like NGOs, Self Help Groups, and other microfinance organizations may be required to avail this policy.
• Enrolment Process: Interested individuals need to approach the LIC divisional offices providing necessary documentation and details to apply for the policy.
• Nominee: The policyholder must nominate a person to receive the policy benefits in case of their death or disability.
• Educational Qualification: Individuals with certain educational qualifications can enter the policy at a younger age, starting from 18 to 21 years.

Important Documents 

Some of the important documents required to apply online for this scheme are as follows:-

• Aadhaar Card
• Government Issued ID Proof:-
  • Driving License
  • Voter ID Card
  • PAN Card
• Ration Card
• Birth Certificate
• Educational Certificate:-
  • School Leaving Certificate
  • Marksheet
• Mobile Number
• Passport Size Photo

LIC Aam Aadmi Bima Yojana Apply Online 2024

The applicants will need to follow the below-mentioned points to apply online:- 

• Visit the Official LIC Website.

• On the homepage, click the “LIC Aam Aadmi Bima Yojana Online Apply” option.
• Fill out the application form with all the required information.
• Click the “Submit” button to complete your application.

LIC Aam Aadmi Bima Yojana Offline Application Process

The offline application procedure is as follows:-

• Visit the nearest LIC nodal agency.
• Obtain the application form from the agency.
• Fill out the application form with all the required information.
• Attach all necessary documents with the application form.
• Submit the application form at the LIC office.

Claim Process in Case of Disability

The applicants can follow below-mentioned points to claim:-

• The insured person himself/herself will file the claim.
• The beneficiary must submit the claim form along with all relevant documents.
• Necessary documents include:
  • Accident documentation
  • Medical certificate
  • The medical certificate must prove the insured person’s disability
• The claim form will be verified by the authorities.
• Upon successful verification, the claim amount will be credited to the beneficiary’s account.