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.
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||
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 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.
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.|
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.|
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.
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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