LIC Aam Aadmi Bima Yojna: Complete details on Application Form (Claim Form List Up), Various features and benefits of the Aam Aadmi Bima Yojna. In our previous article, we have already clearly explained another great Insurance Policy from LIC i.e, LIC Jeevan Umang Plan. Government of India has approved the merger of Aam Admi Bima Yojana (AABY) and Janashree Bima Yojana (JBY) which now be called as Aam Aadmi Bima Yojna. Its been four years since Aam Aadmi Bima Yojna has come into effect in India.
Aam Aadmi Bima Yojna Features
Age Proof Documents accepted for LIC Aam Aadmi Bima Yojna
- Aadhar Card
- Ration Card
- Extract from Birth Register
- Extract from School Certificate
- Voter’s List
- Identity card issued by reputed employer/Government Department
Premium under Aam Aadmi Bima Yojna
The premium to be charged initially under Aam Aadmi Bima Yojna will be Rs.200/- per annum per member for a cover of Rs.30,000/-, out of which 50% will be subsidized from the Social Security Fund .
In case of Rural Landless Household (RLH) remaining 50 % premium on Aam Aadmi Bima Yojna shall be borne by the State Government/ Union Territory and in case of other occupational group the remaining 50% premium shall be borne by the Nodal Agency and/or Member and/or State Government/ Union Territory.
About Life Insurance in India : Aam Aadmi Bima Yojna
Life insurance in India made its debut well over 100 years ago.
In our country, which is one of the most populated in the world, the prominence of insurance is not as widely understood, as it ought to be. What follows is an attempt to acquaint readers with some of the concepts of life insurance, with special reference to LIC.
It should, however, be clearly understood that the following content is by no means an exhaustive description of the terms and conditions of an LIC policy or its benefits or privileges.
For more details, please contact our branch or divisional office. Any LIC Agent will be glad to help you choose the life insurance plan to meet your needs and render policy servicing.
Life Insurance Explained : Aam Aadmi Bima Yojna
Life insurance is a contract that pledges payment of an amount to the person assured (or his nominee) on the happening of the event insured against.
Among other things, the contract also provides for the payment of premium periodically to the Corporation by the policyholder. Life insurance is universally acknowledged to be an institution, which eliminates ‘risk’, substituting certainty for uncertainty and comes to the timely aid of the family in the unfortunate event of death of the breadwinner.
LIC Contract : Aam Aadmi Bima Yojna
A contract of insurance is a contract of utmost good faith technically known as uberrima fides. The doctrine of disclosing all material facts is embodied in this important principle, which applies to all forms of insurance.
At the time of taking a policy, policyholder should ensure that all questions in the proposal form are correctly answered. Any misrepresentation, non-disclosure or fraud in any document leading to the acceptance of the risk would render the insurance contract null and void.
Tax Benefits : Aam Aadmi Bima Yojna
Life Insurance is the best way to enjoy tax deductions on income tax and wealth tax. This is available for amounts paid by way of premium for life insurance subject to income tax rates in force.
Assessees can also avail of provisions in the law for tax relief. In such cases the assured in effect pays a lower premium for insurance than otherwise.
Conclusion : Aam Aadmi Bima Yojna
Through this article, we tried to clear all questions relating to LIC Aam Aadmi Bima Yojna on a whole. If you have any further questions on LIC Aam Aadmi Bima Yojna, feel free to post your questions to our comments box.