Plans

Life Insurance Corporation of India ( LIC) has been at the forefront in spreading life insurance, especially in the rural areas and to the socially and economically backward classes with the objective of providing them financial cover against death and disability.

Emphasising its commitment of social security particularly to socially & economically backward classes & rural poor, LIC paid more than Rs 278.47 crores by way of claims to families below poverty line during last year. LIC celebrates the month of October every year as a Social Security month. The saga of LICs social security schemes started in 1987 when the Govt of India entrusted LIC with the task of administering the Social Security Group Schemes. Since 1987 various group insurance schemes were devised by the Central Govt. and implemented through LIC.

At present a major scheme for the benefit of weaker sections is the Janashree Bima Yojana and Aam Admi Bima Yojana which have an add- on benefit of Shiksha Sahayog Yojana free of cost.

A free add - on scholarship benefit is available for the children of the members who are covered under Janashree Bima Yojana.

The total number of lives covered under Janashree Bima Yojana as on March 2011 is 2,09,78,825. During 2010- 2011 - 13,78,744 scholarships were disbursed, amounting to Rs 102.53 crores.

Under the AAM ADMI BIMA YOJANA, the objective is to provide insurance cover to the head of the family or one earning member in the family of rural landless household ( RLH). Scholarship as a Free Add- on benefit is provided to a maximum of two children of the beneficiary studying between 9th to 12th Standard @ Rs. 100/= per month. The premium to be charged under the scheme is Rs. 200/- per annum per member for a cover of Rs. 30,000/-, out of this 50% is subsidised from the Fund created by Central Government for this purpose and the remaining 50% is by the State Government.

The total number of lives covered under all existing social security schemes taken together is 44336517 as at March 2011. It has been the endeavor of LIC to spread the message of social security with the help of these nodal agencies to the weaker section in nook & corner of the country.