Press Information Bureau

Government of India

Ministry of Finance

14-December-2012 13:05 IST

However, the Government of India is implementing two Social Security Insurance Schemes for the benefit of weaker and vulnerable sections of the society, through the Life Insurance Corporation of India (LIC). These are Aam Admi Bima Yojana (AABY) and Janashree Bima Yojana (JBY). Both Schemes provide insurance cover for a sum of Rs30,000/- on natural death, Rs37,500/- on partial permanent disability due to accident and Rs75,000/- on death or total permanent disability due to accident. Central Government contributes 50% premium as subsidy.

This was stated by the Minister of State for Finance, Shri Namo Narain Meena in a written reply to a question in the Lok Sabha today.

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DSM/RS/ka

 

Social security insurance schemes provide defined death and disability cover with central government premium subsidy to increase access. Aam Admi Bima Yojana and Janashree Bima Yojana provide insured lump sum benefits for natural death, accidental death or total permanent disability, and partial permanent disability due to accident, administered through the national life insurer for vulnerable sections; the Central Government subsidises half of the premium to reduce beneficiary cost and facilitate access to coverage.