Inauguration of Social Security Month in LIC

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NewZNew (Chandigarh) : Life Insurance Corporation of India celebrates the month of October as “Social Security Month” every year, for the upliftment of socially & economically backward classes, especially the rural poor. Continuing this tradition, L.I.C. Pension & Group Schemes Unit, organized a Program today at their Sector 17 office in Chandigarh. The function was inaugurated by Shri Subhash Chander, SDM, L I C of India, Chandigarh. Shri Subhash Chander also handed over Death Claim payments to 6 Claimants on the spot as well as 9 Scholarships to students to the beneficiaries of “AAm Admi Bima Yojana”, Pradhan Mantri Jan Dhan Yojana as well as “Shiksha Sahyog Yojana”.

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“Aam Admi Bima Yojana”, a Central Government Scheme, is being implemented by LIC of India for providing Insurance protection to socially & economically weaker sections of the society. There is provision of Scholarships also to the children of members covered under the Scheme. Elaborating further, Shri Vijay Gupta, Divisional Manager, LIC Pension & Group Schemes Unit, Chandigarh told that a total of 376 claims with an amount of Rs. 1.62 Crores were paid by Chandigarh Unit during last year. Moreover, 7170 Scholarships with an amount of Rs. 86 Lacs were distributed during the same period. During the financial year 2014-15, LIC as a whole covered more than 2.05 Crore people under their Social Security Schemes.

Benefits under “AAm Admi Bima Yojana”
Sr. No. Detail of Benefits Benefits (In Rs.)
1 Natural Death 30,000
2 Accidental Death OR Permanent

Physical Disability

75,000
3 Partial Physical Disability in Accident 37,500
Scholarship:-Scholarships to 2 Children of members studying in Std. IX to Std. XII (including ITI)     @ Rs 1,200 per child per year. Payment of Scholarship @ Rs 600 per child payable Half Yly in January & July.
Premium:

Rs. 100 per year to be paid from ‘Social Security Fund’ of Central Govt.

Rs. 100 to be paid by State Govt./Nodal Agency/NGO/Members

 

Eligibility:

Persons between age 18 years completed and 59 years near birthday

Persons below the poverty line or marginally above the poverty line can be covered.