New Delhi, July 31 : The Union Cabinet today gave its approval to the release of an additional amount of Rs. 1000 crore to augment the Aam Aadmi Bima Yojana (AABY) Premium Fund maintained with LIC for meeting the liability of the Central Government towards its share of premium payment for an additional one crore beneficiaries under AABY.
This scheme will cover an additional one crore heads of rural landless households by September 30, 2009 under AABY to provide death and disability benefits to the head of the family or an earning member of the family of rural landless households in the States or Union Territories that agree to participate in AABY.
In pursuance to the announcement made in the Budget for the year 2007-08, AABY was launched on October 2, 2007 to provide death and disability cover for the benefit of rural landless households in the country.
The said scheme is being implemented through the Life Insurance Corporation of India (LIC).