LIC has been celebrating the month of October every year as a Social Security month to spread the message of Life Insurance Cover under Social Security Schemes particularly to economically backward classes and the poor in rural and urban areas. Special efforts have been taken to reach out to the underprivileged.
At present a major scheme sponsored by Government of India & administered by LIC for the benefit of weaker sections is our Aam Admi Bima Yojana which has an add-on scholarship benefit of Shiksha Sahayog Yojana free of cost.
Total New lives covered during 2013-14 were 1.18 Crore and the total lives having Life Insurance Cover as on 31st March 2014 were 5.03 Crore.
LIC has paid about Rs 440 crore by way of claims to the 1.38 lac families below or marginally above poverty line during last financial year. LIC has contributed towards the education of children of the BPL / marginally above BPL families by paying 45.07 lac numbers of scholarships amounting to Rs 281.80 crore during last financial year.
Aam Admi Bima Yojana provides insurance cover of Rs.30,000/- on natural death. On death/ total permanent disability due to accident, the benefit is Rs75,000/-. On partial permanent disability due to accident, the benefit is Rs37,500/-.Out of the Annual premium of Rs 200/- per member ,Rs 100/- is borne by the Government of India. Normally the head of the families which are below poverty line or marginally above poverty line and belonging to specified 48 occupations can be covered under the scheme. Persons between age 18 years & 59 years are eligible for cover.
Success in the implementation of the Social Security Schemes depends on the active participation of all stake holders. It has been the endeavor of LIC to spread the message of Social Security by involving the stakeholders in providing financial security to the weaker sections throughout the country.
Dated at Mumbai on the 1st October, 2014