Aam Admi Bima Yojana (AABY)

- The Janashree Bima Yojana (JBY) has now been merged with the AABY to provide better administration of life insurance cover to the economically backward sections of society.
- The scheme extends life and disability cover to persons between the ages of 18 and 59 years living below and marginally above the poverty line under 47 identified vocational/occupational groups, including 'rural landless households'.
- It provides insurance cover of a sum of Rs. 30,000 on natural death. Rs. 75,000 on death due to accident, Rs. 37,500 for partial permanent disability due to accident, and Rs. 75,000 on death or total permanent disability due to accident.
- The scheme also provides an add-on benefit of scholarship of Rs. 100 per month child paid on half-yearly basis to a maximum of two children per member studying in Classes 9 to 12 (including ITI courses).
- The total annual premium under the scheme is Rs. 200 per beneficiary of which 50 per cent is contributed from the Social Security Fund created by the central government and maintained by the Life Insurance Corporation of India (LIC).
- The balance 50 per cent is contributed by beneficiary/state governments/union territory (UT) administrations. The scheme is being implemented through the LIC.
- A total of 4·61 crore lives under the AABY had been covered as on April 30,2014.