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Ashrya Bima Yojana

Ashrya Bima Yojana

For temporary sustenance measures for retrenched employees, the Ashrya Bima Yojana was launched by the New India Insurance, National Insurance Company, Oriental Insurance Company and United India Insurance. The policy offers compensation which is worth 30% of the average pay drawn by the retrenched employee for 12 months maximum or until the retrenched employee finds another job.


  • Employees should be contributing to EPF for atleast 12 months at the time of proposing the cover
  • Employees’ salary should not be more than Rs. 10,000/- per month

Payment Procedure:

  • The sustenance allowance is payable upto 12 months or until he/she secures another job (whichever is earlier)
  • An undertaking from the affected employee and duly certificate by an authorized official of the employer to be obtained to secure monthly payment from the authorized banker
  • After obtaining the claim form and other certificates as mentioned in the form and ascertaining that a valid claim is payable under the policy, a banker near to the affected unit shall be designated and authorized to pay the amounts to the affected employees before the 7th of every month
  • Underwriters countersign the certificate issued by the insured/employer and send it to the bank for transfer of sustenance allowance to the respective accounts of the employees

How to Avail:

Approach the nearest NIA office

For Details: Click Here

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PC: efytimes.com

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