1. The member insured under the scheme must be the head of the family or an earning member of the family in a rural landless house-hold.
2. The member insured must be in the age group of 30 to 65 years.
3. There is a provision for free scholarship for up to two children of the insured who are studying between classes 9 and 12.
Which of the statements given above is/are correct?
Explanation
Aam Admi Bima Yojana (AABY) is a Government of In-dia Social Security Scheme administered through Life Insurance Corporation of India (LIC) that provides Death and Disability cover to persons between the age group of 18 yrs to 59 yrs, under 48 identified vocational/ occupational groups /rural landless households.
Statement 1 is correct: The scheme covers the head of the family or an earning member in a rural landless household. It provides life and disability insurance benefits to economically weaker sections.
Statement 2 is incorrect: The age eligibility for this scheme is 18 to 59 years, not 30 to 65 years. It provides insurance cover for a sum of Rs 30,000/- on natural death, Rs. 75,000/- on death due to accident, Rs. 37,500/- for partial permanent disability (loss of one eye or one limb) due to accident and Rs. 75,000/- for total permanent disability (loss of two eyes or two limbs or loss of one eye and one limb) due to accident.
Statement 3 is correct: The scheme provides a scholarship of 100 per month for up to two children of the insured, studying in classes 9 to 12. The scholarship is meant to support education expenses for children of insured individuals.