• Aviva Csc Bima Laabh Yojana Rural Plan

    Life Insurance
    • Premiums as low as Rs.17/day for sum assured of Rs.1 crore*
    • Claim up to Rs. 1,50,000 deduction under section 80C**
    • Choose between annual and monthly premium payment options

    Aviva CSC Bima Laabh Yojana Plan is a non-linked, non-participating term insurance plan that can go a long way in safeguarding the future of your loved ones. In the event of the policyholder’s untimely death, nominees will be paid a lump sum amount by the Insurer. In order to make the Aviva CSC Bima Laabh Yojana Plan truly accessible to one and all, this policy can be purchased from nearby Common Service Centres (CSCs) across India. The Aviva CSC Bima Laabh Yojana Plan also offers policyholders tax benefits under the Income Tax Act, 1961.

    Eligibility – Who is the Aviva CSC Bima Laabh Yojana Plan for?

    Insurance providers have certain expectations regarding the age of prospective policyholders, based on which they offer plans.

    Parameters Criteria for eligibility
    Minimum age at entry 18 years
    Maximum age at entry 50 years
    Maximum age at maturity
    • 60 years for policy term of 10 years
    • 55 years for policy term of 5 years

     

    Sum Assured and Premium Range – What you get and what it costs

    Sum Assured

    Sum Assured is a lump-sum amount that your insurance company will pay  you, excluding the addition of any bonuses that may have been a part of the maturity payout. For the Aviva CSC Bima Laabh Yojana Plan, the Sum Assured is dependent on the policy term of the insured and the annual premiums.

    Minimum Sum Assured Rs.22,500
    Maximum Sum Assured Rs.2,00,000

     

    Premiums*

    Premiums are a certain sum of money that have to paid by the policyholder to the insurer on a regular basis, either half yearly, annually, monthly or quarterly to be covered by the policy and avail its benefits.

    Minimum term of the policy 5 years
    Maximum term of the policy 10 years
    Premium Payment Mode Annually or monthly
    Minimum Annual Premium Amount Rs.300 (excluding taxes and extra premium, if any)
    Maximum Annual Premium Amount Rs.2,650 (excluding taxes and extra premium, if any)
    Premium Payment Term Equal to policy term

    *Tax laws are subject to change, from time to time, as levied by the Government.

    *The premium excludes any amount that may have been paid as extra premium and/or taxes, if any.

     

    Plan Coverage – What the Aviva CSC Bima Laabh Yojana Plan covers

    The Aviva CSC Bima Laabh Yojana Plan  covers the following:

    Death Benefit In case of untimely death of the policyholder, the nominee will receive a lump sum amount as the Guaranteed Death Benefit from the Insurer, provided all the premiums were paid. The policy will be terminated after payment of the Death Benefit.
    Maturity Benefit The Aviva CSC Bima Laabh Yojana is a pure term-insurance plan, and hence, nothing is payable at maturity.
    Tax Benefit As per prevailing laws of the Income Tax Act, 1961.

     

    Exclusions – What the Aviva CSC Bima Laabh Yojana Plan does not cover

    • If the policyholder commits suicide within 12 months from the inception of the policy, the nominee will be entitled to 80% of the premium paid by the policyholder, excluding any extra premium and taxes.
    • In case the policyholder commits suicide within 12 months from the date of revival of the policy, the nominee will receive a sum that amounts to 80% of the premium paid by the policyholder, excluding any extra premium and taxes.

    Other Key Features

    A few other points or features that can help you make an informed decision and get the most out of your plan are:  

    Grace period This policy offers the insured a 30-day grace period for both annual and monthly frequency plans. During the grace period, the policyholder is still under full risk cover.
    Free-look period The policyholder is given a free-look period of 15 days during which the policyholder can return the policy, if unsatisfied with the terms and conditions of the policy.
    Premium Discontinuance and Revival If you do not pay your premiums during the grace period, the risk cover will cease immediately. The policy can be revived within a period of 2 years from the date of the last unpaid premium, subject to the company’s approval.
    Surrender value This policy does not offer a Surrender Value.
    Loan Aviva will not offer policyholders a loan against this policy.
    Nomination In accordance with Section 39 of the Insurance Act, nominations are permitted under this policy.
    Assignment In accordance with Section 38 of the Insurance Act, assignments are permitted under this policy.
    Acceptance Receipt of the initial proposal and payment does not obligate the insurer to accept any risk. The company shall not be held liable until the risk has been accepted and the policy has been issued.

     

    Tax Benefits – How you can save with the Aviva CSC Bima Laabh Yojana Plan

    Any premiums paid by the policyholder towards the Aviva CSC Bima Yojana Plan are eligible for tax benefits as per the prevailing tax laws of the Income Tax Act, 1961. However, tax laws are subject to change without prior notice.

    Why you should buy the Aviva CSC Bima Laabh Yojana Plan

    The Aviva CSC Bima Laabh Yojana Plan offers several benefits to both policyholders and nominees. As of March 2015, the Aviva Group had 31 million customers in over 16 countries. Aviva Life Insurance Company India Limited has a Claim Settlement Ratio of 90.60% (for the financial year 2016-2017), 108 branches spread across the country, a range of products for all your insurance needs and 13,500 Financial Planning Advisors in India, making it one of the best insurance companies in India. And, should you have any queries or face any issues, you can reach Aviva through a range of channels - the 24x7 toll-free number, dedicated email ID, etc. - and receive a prompt response!

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