LIC Aam Aadmi policy: Invest Rs 200 annually, get up to Rs 75000 insurance coverage

People who have a low income and are looking for a investment plan then they should check out the Ama Aadmi Scheme provided by Life Insurance Corporation of India (LIC).

By investing only Rs 200 rupees annually in this scheme of LIC, you can get insurance coverage up to 30 thousand rupees.

What is LIC’s Aam Aadmi Policy?

LIC’s Aam Aadmi Scheme was launched for the landless people of rural areas in India. Workers like fishermen, rickshaw pullers, Eta labourers, Brick kiln workers, cobblers, fishermen, carpenters, bidi workers, handloom weavers, handicraft artisans, khadi weavers, leather workers, women tailors, papad workers, milk producers, auto drivers, rickshaw drivers, sweepers, forest workers, Urban poor, paper producers, farmers, Anganwadi teachers, construction workers, and plantation workers can get the benefit of the insurance.

The highlight of the scheme is that users can only have to pay premium only once in a year and gets benefits from the insurance throughout the year.

Workers working in 48 types of businesses are eligible to apply for this scheme. If you want to know more about this scheme then read the full details below.

LIC’s Aam Aadmi Policy Benefits

Under this scheme, financial assistance is provided to the poor families of the lower class of the unorganized sector or rural areas. That means if the policy holder dies or suffers from partial disability due to accident, then the family members can get life insurance coverage.

Here is how much the policy offers in case of death and accidents:

  • In the event of the death of the policy holder dies due to natural causes then his family will get a lump sum insured of Rs 30,000 and at least 2 of his children will get scholarship of Rs 100 per month.
  • In case he dies due to accident, then his family will get Rs 75,000.
  • If the policy holder becomes physically handicapped then he will get Rs 75,000
  • He will get Rs 37,500 if he becomes mentally handicapped.

Age limit to invest in the scheme

If you are aged between 18 to 59 years then you are eligible to invest in this scheme. Under this scheme, policy holder have to pay Rs 200 annually as premium.

Note that you should fill the information of the nominee correctly while applying for the scheme.

You will need the following documents to apply for the schme.

  • Aadhar card
  • identity card
  • Ration card
  • Birth certificate
  • school Certificate
  • mobile number
  • passport size photo
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