CSC Bima Labh Yojana offered by Aviva Life is a pure protection plan that offers security to the policyholder’s family, in case of his untimely demise. The life insured can choose from the two policies offered by Aviva. Payment of Sum Assured for the family’s immediate needs in the event of the death of the life insured
- Flexibility to choose from two policy term options
- Protect yourself with a premium as low as Rs. 300
Eligibility Criteria for Aviva CSC Bima Labh Yojana
- Entry age (last birthday) - 18 years to 50 years
- Maximum maturity age (last birthday) - 60 years
Features of Aviva CSC Bima Labh Yojana
There are many attractive features of the CSC Bima Labh Yojana insurance plan offered by Aviva. A few of the features are mentioned below:
- Policy Term: 5 or 10 years
- Premium Payment Term: Equal to Policy Term
- Maximum Maturity Age: 60 years
- Minimum Annual Premium: Rs. 300 excluding taxes and extra premium, if any
- Maximum Annual Premium: Rs. 2650 excluding taxes and extra premium, if any
- Minimum Sum Assured : Rs. 22, 500
- Maximum Sum Assured : Rs. 2,00,000
- Premium Payment Frequency: Annual or monthly. The monthly installment premium will be 8.71% of the annual premium
Benefits of Aviva CSC Bima Labh Yojana
Getting a policy from Aviva CSC Bima Labh Yojana comes with a number of benefits. A few advantages of the plan are mentioned below:
- Convenience to buy from the nearby Common Service Centre (CSC)
- Low premium amount starting from Rs 300
- Lump-sum benefit will be paid to the nominee in case of the death of the life insured during the Policy term. This amount will be equal to Sum Assured of the Policy and will depend as per the entry age of the policyholder.
- The insurance policy also offers tax benefits according to the prevailing laws of the Income Tax Act, 1961.
- The policy comes with a Surrender Value, which means it can be surrendered any time after the first policy year.
Aviva CSC Bima Labh Yojana FAQs
- What happens to the policy in case of the death of the policyholder?
In the event of the policyholder’s demise, the entire sum assured will be paid to the nominee. The policy, then, will be terminated.
- What if I don’t go ahead with my policy?
The policy comes with a free look period of 15 days from the date of receipt of the policy document. In case you cancel the policy, post the free look tenure you will get a refund of the single premium paid, after deducting charges if any.
- Is there a maturity benefit?
No this policy does not come with a maturity benefit.
- What happens if I do not pay the premiums on time or discontinue payment completely?
In case payments are not done within the given time frame, the policy might require a paid up value. Sometimes, the policy may lapse depending on the company’s policies. In case 2-3 years’ worth premiums have been paid, the policy may have a paid up value and reduced benefits will be payable.
- Does age affect the premium?
Yes. The sum assured is influenced depending on the age of the life insured.