LIC to celebrate Oct as Social Security Month
01/10/2016
Jammu, Sept 30: Life Insurance Corporation of India (LIC) will celebrate the month of October 2016 as Social Security Month. This is to underscore the need for Social Security Schemes, particularly to socially and economically Backward Classes. On the eve of the event T S Bali, Sr. Divisional Manager of Srinagar Division highlighted various features of the Social Security Schemes of UC.
Government of India through LIC offers Life Insurance protection to weaker sections of society through insurance coverage to people below poverty line and marginally above poverty line at subsidized rates under its Scheme 'Aam Admi Bima Yojana' (AABY). Persons, normally the head of the family or one earning member of the family, between age 18 and 59 years who follow any of the 49 specified vocations/ occupations can be covered under the scheme. Benefits under the scheme include Natural Death Cover of Rs 30,000/-, Accidental Death Cover/ Permanent Disability Benefit (due to accident) of Rs 75,000/- for Premium of Rs 100/- per year.
Scheme also has add on benefit of providing scholarship limited to two children of members covered under the scheme. Scholarship of Rs 600/- per half-year to students studying in Classes 9th to 12th (including ITT Courses). There are some special Schemes adopted by different Government Agencies, which provide for the benefits of AABY or even higher benefits to Handloom Weavers, Handicraft Artisans, Khadi Artisans, Anganwadi Workers & Helpers etc.
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