Life Insurance Corporation of India during the last financial year has paid more than Rs. 403.91 crores by way of claims to families below poverty line during last financial year under two insurance schemes Janashree Bima Yojana (JBY) and Aam Admi Bima Yojana (AABY).
LIC in 1987 was entrusted with the task of implementing various social security schemes that were devised by the Central Government.
Under JBY, LIC covers rural and urban people living below the poverty line or marginally above it. This scheme offers life insurance cover to persons aged between 18 to 59 years, preferably heads of families engaged in any of the specified 46 vocations or occupations.
A free add– on scholarship benefit is also available for the children of members studying in Class IX to XII (including ITI courses). During 2011-2012 – 20.90 lakh scholarships were disbursed, amounting to Rs 180.25 crores.
The total number of lives covered under JBY last fiscal was 2,20,56,435.
On the other hand, AABY covers rural landless household whereby an insurance cover is provided to the head of the family or one earning member in the family aged between 18 to 59 years. Scholarship as a free add on benefit is also available as in JBY to the children of the members insured During 2011-2012 4.45 lakh scholarships were disbursed, amounting to Rs 47.25 crore.
The total number of lives covered under all the existing social security schemes taken together is Rs 4.79 crore last financial year.
