Question: What is the application process for Aam Aadmi Bima Yojana?

Answer: Here's how to apply for Aam Aadmi Bima Yojana:

Require Your Government ID Proofs?Yes. How Can I Apply For Aam Aadmi Bima Yojana? You can apply for
Aam Aadmi Bima Yojana through your nearest LIC office or designated bank branches. You will need to fill out an application form and
provide the necessary documents. How Long Does It Take For The Application To Be Processed?The processing time may vary
depending on the LIC office or designated bank. Generally, it takes about 15 days for the application to be processed. How Is The Claim
Process Initiated Under AABY? In case of an unfortunate event covered under AABY, the beneficiary or nominee can contact the
respective insurance company or bank and initiate the claim process by submitting the necessary documents, such as death certificate,
post-mortem report (in case of accidental death), and claim form. What Is The Sum Assured Under AABY?The sum assured under
AABY is Rs. 2 lakhs in case of natural death, accidental death, or permanent disability, and Rs. 1 lakh in case of partial disability due to
an accident. Sources And ReferencesUser ManualOkWas this helpful?News and UpdatesNo new news and updates
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NowAssamAam Aadmi Bima YojanaBima YojanaDBTIncentiveInsuranceLabor
SchemeDetailsBenefitsEligibilityExclusionsApplication ProcessDocuments RequiredFrequently Asked QuestionsAam Aadmi Bima
Yojana (AABY) is a government-sponsored social security scheme that aims to provide affordable life insurance coverage to the
unorganized sector of the population in India. The scheme was launched in 2007 and is administered by the Life Insurance Corporation
of India (LIC).ï»¿The primary objective of the scheme is to provide financial support to the economically weaker sections of the society
in case of the death or disability of the earning member of the family. The scheme targets those who work in unorganized sectors such as
agriculture, fishery, dairy, handloom, construction, and other similar occupations.ï»¿Under the AABY scheme, the head of the family or
the earning member of the family between 18 and 59 years of age is eligible to apply for insurance coverage. The premium for the
scheme is shared between the central and state governments in a 50:50 ratio. The total premium for the scheme is Rs. 200 per person per
annum.ï»¿Out of the total premium, Rs. 100 is borne by the central government, Rs. 30 by the state government, and the remaining Rs.
70 by the beneficiary. The premium is deducted from the bank account of the beneficiary through the electronic clearance system (ECS)
or any other mode of payment.ï»¿The scheme provides coverage of Rs. 30,000 in case of natural death, Rs. 75,000 in case of accidental
death, and Rs. 37,500 in case of partial disability or permanent disability due to an accident. The coverage also includes an add-on
benefit of scholarship to the children of the insured in case of the death of the insured.ï»¿To claim the insurance coverage, the nominee
of the insured person needs to submit a claim form to the LIC branch office or any other authorized office within 30 days of the
occurrence of the incident. The claim is then processed by the respective state government and the payment is made to the nominee's
bank account.Overall, the Aam Aadmi Bima Yojana is an important initiative of the Indian government to provide social security to the
unorganized sector of the population. It provides financial support to the family members of the insured person in case of an unforeseen
event and helps in reducing their financial burden.ï»¿OkWas this helpful?ShareNews and UpdatesNo new news and updates
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