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Govt. Schemes & Services :: LIC special schemes

LIC Special Schemes

Jeevan Madhur

Social Security Scheme

Jana Sree Bima Yojana
Shiksha Sahayog Yojana
Aam Admi Bima Yojana

Jeevan Madhur


It is a simple savings related life insurance plan where you may pay premiums regularly at weekly, fortnightly, monthly, quarterly, half-yearly or yearly intervals over the term of the policy.

Minimum instalment premium for different modes of premium payment shall be:
Weekly:                                          Rs. 25/- 
Fortnightly:                                     Rs. 50/-
Monthly:                                          Rs. 100/-
Quarterly/Half-yearly/Yearly:           Rs. 250/-

Further, the premium chosen by you shall be subject to the minimum and maximum sum assured of Rs. 5,000/- and Rs. 30,000/- respectively payable on death and maturity under this plan.

Maturity Benefit: On your surviving to the date of maturity, payment of the Maturity Sum Assured along with vested bonuses, if any. The specimen Maturity Sum Assured per Rs. 1200/- annual premium are given below for some of the decennial ages and terms:

Age at Entry                      Policy Term
5 years             10 years               15 years
20                                        5089                 11219                   18561
30                                        5081                 11173                   18396
40                                        5026                 10910                   17572
50                                        4847                 10066                   14884

Death Benefit: Payment of an amount equal to total premiums payable during the entire term of the policy along with vested bonuses, if any.

Accidental Death and Disability Benefit: On death arising as a result of accident an additional amount, equal to Death Benefit Sum Assured shall be available during the term of the policy.

On total and permanent disability arising due to accident (within 180 days from the date of accident), the Accident Benefit will be payable in monthly instalments spread over 10 years. If the policy becomes a claim either by way of death or maturity before the expiry of the said period of 10 years, the disability benefit instalments which have not fallen due will be paid along with the claim.

The disability due to accident should be total and such that the Life Assured is unable to carry out any work to earn the living. Following disabilities due to accidents are covered:
a) irrevocable loss of the entire sight of both eyes, or 
b) amputation of both hands at or above the wrists, or 
c) amputation of both feet at or above ankles, or 
d) amputation of one hand at or above the wrist and one foot at or above the ankle

Auto-Cover Facility: If at least two full years’ premiums have been paid in respect of this policy, any subsequent premium be not duly paid, full death cover shall continue from the due date of First Unpaid Premium(FUP) for a period of two years or till the end of policy term, whichever is earlier.
During the Auto Cover Period, the Accident Benefits shall not be available.

Participation in Profits of the Corporation: Simple Reversionary Bonuses shall be declared per thousand Death Benefit Sum Assured annually at the end of each financial year depending upon the Corporation’s experience, provided the policy is in full force.

In case of a paid up policy bonuses shall be payable only if at least 3 full years’ premiums have been paid.
On surrender, the discounted value of vested bonuses, if any, will be payable.

Paid-up Value: If after at least two full years’ premiums have been paid in respect of this policy, any subsequent premium be not duly paid, this policy shall not be wholly void, but shall subsist as a paid up policy and the Sum Assured shall be reduced to a sum, called the paid-up value. The Paid up Sum Assured shall be calculated as the Maturity Sum Assured multiplied by the ratio of number of premiums actually paid to the total number of premiums originally stipulated for in the policy. This paid up value along with vested bonuses, if any, shall be payable on the date of maturity or at Life Assured’s prior death. The Accident Benefit will cease to apply if the policy is in lapsed condition.

Surrender Value: You may surrender the policy for cash after at least two full years’ premiums have been paid. The Guaranteed Surrender Value is equal to 30 per cent of the total amount of premiums paid. Corporation may, however, pay special surrender value as the discounted value of Paid up sum assured and vested bonus, if any, as applicable on date of surrender, provided the same is higher than guaranteed surrender value.

Grace Period: A grace period of one calendar month but not less than 30 days will be allowed for payment of yearly or half-yearly or quarterly premiums and 15 days for monthly or fortnightly or weekly premiums.

Revival: Subject to production of satisfactory evidence of continued insurability, a lapsed policy can be revived by paying arrears of premium together with interest within a period of five years but before maturity from the due date of first unpaid premium. The rate of interest applicable will be as fixed by the Corporation from time to time.

Cooling-off period: If you are not satisfied with the “Terms and Conditions” of the policy you may return the policy to us within 15 days.

Exclusions: If the Life Assured commits suicide (whether sane or insane at that time) within one year from the date of commencement of risk under the Policy, the Corporation shall not entertain any claim except to the extent of a third party’s interest under the policy.
The Corporation shall not pay the accidental benefit in case accidental death/ disability arises due to following reasons:
(i) intentional self injury, attempted suicide, insanity or immorality or whilst the Life Assured is under the influence of intoxicating liquor, drug or narcotic; or 
(ii) injuries resulting from riots, civil commotion, rebellion, war (whether war be declared or not), snake biting, invasion, hunting, mountaineering, steeplechasing or racing of any kind; or 
(iii) the Life Assured committing any breach of law

Minimum age at entry                          18 years (completed)
Maximum age at entry                          60 years (nearest birthday)
Maximum age at maturity                    65 years (nearest birthday)
Term                                                   5 to 15 years.
Minimum Sum Assured                        Rs. 5,000
Maximum Sum Assured                       Rs. 30,000




The objective of the scheme is to provide life insurance protection to the rural and urban poor persons below poverty line and marginally above the poverty line. 

A person who is
*Aged between 18 and 59 years.
*Below or marginally above poverty line
*A member of any of the approved vocation/occupation groups

Nodal Agency:
A State Government Department which is concerned with the welfare of any such vocation/occupation group, a Welfare Fund/ Society, Village Panchayat,NGO,Self-Help Group,etc. 
Minimum Membership Size: Twenty five.


In the events of
*Death (other than by accident) of the member,an amount of Rs.30,000/- is payable.
*death/total permanent disability, due to accident,an amount of Rs.75,000/-is payable.
*Permanent partial disability, due to accident, an amount of Rs.37,500/- is payable.

Premium :
*The premium under the scheme is Rs.200/-per annum per member.
*50% of the premium i.e. Rs.100/- will be contributed by the member and/or Nodal Agency/State Government. 
*Balance 50% will be borne by the Social Security Fund.

Approved Vocation & Occupational Groups:

A) The group that can be covered are like workers in 
(i) Foodstuffs like khandsari
(ii) Textile
(iii) Manufacture of wood products 
(iv) Manufacture of paper products 
(v) Manufacture of leather products
(vi) Printing
(vii) Rubber and coal products
(viii) Chemical products like candle manufacture
(ix) Mineral products like earthern toys manufacture 
(x) Fire cracker's workers
(xi)Construction workers
(xii)Other related cottage industries to be identified by Nodal 
Agencies and other groups as identified by the Nodal Agency and approved by LIC.
B) The occupational groups are : 

Beedi workers, Brick Kiln Workers(Jalandhar),Carpenters, Cobblers, Fisherman, Hamals, Handicraft Artisans, Handloom Weavers, Handloom and Khadi Weavers, Lady Tailors, Leather and Tannery Workers, Papad Workers attached to 'SEWA', Physically Handicapped self- Employed Persons, Primary Milk Producers, Rickshaw Pullers/ Auto Drivers, Safai Karmacharis, Salt Growers, Tendu Leaf Collectors, Scheme for the Urban Poor, Forest Workers, Sericulture, Toddy Tappers, Powerloom Workers, Scheme for Women in Remote Rural Hilly Areas.

For more details log on to http://www.licindia.com/social_securities_001_features.htm


Shiksha Sahayog Yojana

This is a scholarship scheme launched on 31.12.2001 for the benefit of children of members of Janashree Bima Yojana.

Students studying in ix to xii standards, whose parents are covered under Janashree Bima Yojana.If a student fails and is detained in the same standard, he will not be eligible for scholarship for the next year in the same standard.

Scholarship of Rs 300/- per quarter per child will be paid for maximum period of 4 years.
The benefit is restricted to two children per member(family) only.

No premium is charged for the scholarship

How To Claim Scholarship:
The Nodal Agency will identify the students.The member of Janashree Bima Yojana whose child is eligible for scholarship has to fill up an application form (available with Nodal Agency) and submit to the Nodal Agency.The applications duly filled up and certified will be sent alongwith the list of the beneficiary students by the Nodal Agency to the concerned LIC, P&GS Unit for disbursement of scholarship/s.The scholarship/s will be disbursed to the beneficiary students through the concerned Nodal Agency.

As only a limited number of beneficiaries will be provided scholarship under the scheme, the selection for eligible students will be made on the basis of poorest of the poor.

The scheme will be administered through Pension and Group Schemes Department of LIC of India.



In a rural landless household, when everyday living is a struggle, it is difficult to face life with a smile. And it becomes even more difficult when the future of your family is uncertain. 

Aam Admi Bima Yojana, a prestigious scheme of the Central and State / Union Territory Governments and administered by LIC brings a ray of hope and smile to these households. 

Nodal Agency 
The Nodal Agency shall mean the State / Union Territory Government appointed to administer the scheme. 
The Nodal Agency shall act for and on behalf of the insured members in all matters relating to the Scheme. 

Identification Of Beneficiaries 
The State / Union Territory Government in consultation with the Panchayats will identify the persons to be covered under the scheme. All the members will be provided with an identity card by LIC with an unique identity number. 


The member should be aged between I 8 and 59 years 
The member should be the head of the family or one earning member in the family of rural landless household. 

Age Proof

  • Ration Card
  • Extract from Birth Certificate
  • Extract from School Certificate.
  • Voters list
  • Identity Card

In case of doubt, a certificate from Primary Health Centre can be accepted as authentic proof of age.

In the event of death of a member prior to the terminal date, the Sum Assured of Rs.30,000/- will become payable to the nominee. 
Accident Benefit: In the event of death by accident or Total / Partial Permanent Disability due to accident, the following benefits shall become payable: 

a) on death due to accident                                 Rs.75,000/- 
b) Permanent total disability due to accident          Rs.75,000/-
c) Loss of one eye or one limb in an accident         Rs.37,500/- 
A free add-on scholarship benefit for the children of the members of AABY is provided under the scheme. A scholarship at the rate of Rs. 100/- per month will be given to maximum two children studying between 9th to I2th Standard. This scholarship, however, is payable half yearly - on 1st July and on Ist January, each year. 


  • The premium under the scheme shall be Rs.200/- out of which 50% shall be subsidized from the Fund created for this purpose by the Central Government and the remaining 50% shall be contributed by the State Government.
  • The premium shall be payable in yearly mode and no relaxation of mode of payment will be allowed.
  • Experience rating adjustment will be allowed after 3 years based on claim experience, if the group is of 2,000 or more members. Even if the group size is small and the claim experience is adverse, LIC may review the rates.


Claim procedure is simple. The beneficiary will be required to furnish the original death certificate and the identity card issued by LIC to the Nodal Agency who will arrange to forward the same along with the claim form to the nearest P&GS Unit in the cities where P&GS Units are located. In the cities where the P&GS Units are not located, the claim should be submitted to the nearest branch office of LIC. LIC will settle the claim by sending Account Payee cheque directly to the beneficiary or by any other mode of payment as decided by LIC. In case of death by accident, police inquest report, FIR, post mortem report will also be required to be submitted. 
In case of disability claim, documentary evidence of the accident as well as medical certificate from a Government Civil Surgeon or qualified Government Orthopaedician certifying permanent total partial disability should be submitted. 
Death/total permanent disability due to accident shall mean death / disability occurring within I80 days of the happening of bodily injury resulting solely and directly from accident caused by violent, external and visible means, independently of any other cause. 


  • The Nodal Agency will identify the students. The member whose child is eligible for scholarship shall fill up an application form and submit it to the Nodal Agency. The Nodal Agency in turn will submit the list of beneficiary students to the concerned P&GS Unit with full details such as name of the student, name of the school, class, member’s name, master policy number and membership number.
  • Every half year, LIC will send the Account Payee Cheque in the name of the Nodal Agency along with list of beneficiary students. The Nodal Agency will pass on the scholarship to the eligible students. The Nodal Agency shall submit a utilization certificate before claiming the scholarships for the next half year.
  • Any other mode of payment of scholarship may be decided by LIC/Government.

Claims Under Regular Life Insurance Policies
Death Claims:
The person legally entitled to receive the policy monies should give intimation of death of the policyholder to the servicing Branch. The requirement for the claim are as given below:

  1. Claim Form 'A' in Form No.3783.
    If policy has run for 3 years or more from date or risk, claim form no.3783A may be used.
  2. Certified extract from death register.
  3. The original policy document with Deed/s of assignment/s, if any. 
    (Additional requirement may be required under a policy according to the status of the policy. Please contact our servicing Branch for details).

Maturity Claims:

  1. It is our endeavour to settle your maturity claim on or before the due date. The servicing Branch usually sends maturity claim intimations two months in advance.
  2. Please submit your Discharged Receipt in Form No.3825 with original policy document atleast one month before the due date so that the payment is received before the due date of maturity claim.
  3. If you have not received any intimation for your claim due in the next two months, please contact the servicing Branch immediately.
This is not meant to be a prospectus. This is only a gist of the salient features. For further details and conditions, please contact the nearest Unit of LIC.

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