Millennium Post

LIC celebrates October as social security month

LIC in 1987 was entrusted with the task of implementing various social security schemes that were devised by the central government. Presently there are two insurance schemes for the poor people [weaker sections of the society], namely Janashree Bima Yojana [JBY] and Aam Admi Bima Yojana [AABY] that are administered by Life Insurance Corporation of India. LIC is celebrating October as social security month. Under these schemes, LIC has paid more than Rs. 403.91 crore by way of claims to families below poverty line during last financial year.

Under ‘Janashree Bima Yojana’, 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/occupations. A free add– on scholarship benefit is 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 crore.

The total number of lives covered under ‘Janashree Bima Yojana’ as on 31 march 2012 is 2,20,56,435. Rural landless household are covered under ‘Aam Admi Bima Yojana’ whereby 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 ‘Janashree Bima Yojana’ 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 4.79 Crore as at 31 March 2012.

To sum up, success in the implementation of the social security schemes depends on the active participation of the various Government Nodal Agencies and NGOs working on behalf of the underprivileged section of society. In implementing this task, LIC’s endeavor is to spread the message of Social Security and achieve its objective of reaching the weaker sections in every nook and corner of the country.
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