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Tata AIA Life Insurance MahaLife Magic Plan

What is the Plan all About?

Tata AIA Life Insurance MahaLife Magic is a non-linked, participating endowment assurance plan that helps you build savings and maximize the growth of your money. With life cover, your family’s financial security is also ensured, when you are not around.

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What are the Key Features?

  • Lump sum amount at maturity
  • Financial protection for family
  • Bonuses to boost the maturity amount
  • Limited premium pay term
  • Enhance protection through rider
  • Enjoy higher sum assured discount
  • Avail tax benefits

What are the Plan Benefits?

Death Benefit

    In case of an unfortunate demise of the life Insured during the policy term, Sum Assured on death along with vested Compound Reversionary Bonus and Terminal Bonus is payable to the nominee, provided the policy is in-force.

    Sum Assured on death is higher of Minimum Guaranteed Sum Assured on Maturity or 10 times the annualized premium. The total death benefit is subject to a minimum of 105% of total premiums paid. The Policy terminates on the death of the life insured and no other benefit is then payable.

Maturity Benefit

    On maturity, the Minimum Guaranteed Sum Assured on Maturity plus vested Compound Reversionary Bonus and Terminal Bonus is payable, provided the policy is in-force.

Bonus

    Bonuses are declared by the company and payable, as applicable.

Loan Benefit

    Policy Loan can be availed under Tata AIA Life Insurance MahaLife Magic.

Surrender Value

    Surrender Value payable is higher of Guaranteed Surrender Value or Special Surrender Value. The surrender value can be acquired after paying all the due premiums of at least first full policy year.

Tax Benefit

    This policy provides tax benefits for the premiums paid under Section 80C & the death/maturity/surrender benefit can avail tax benefits under Section 10(10D) of the Income Tax Act, 1961.

Who can Buy the Plan?

Factor Minimum Maximum
Age (as on last birthday) 12 Years 55 Years
Age at Maturity - 73 Years
Policy Tenure 18 Years -
Premium Paying Term 9 Years -
Premium Paying Mode Annually, Semi Annually & Monthly -
Premium Amount - -
Sum Assured Rs 2 Lacs No Limit (subject To Underwriting)
Freelook Period 15 Days/30 Days (for Distance Marketing Channel) From The Receipt Of The Policy -
Grace Period 30 Days (15 Days For Monthly Mode) -
Plan Type Offline -

Is any Rider Available with this Plan?

Tata AIA Life Insurance Accidental Death and Dismemberment (Long Scale) (ADDL) Rider can be opted under this plan to enhance the coverage, on payment of additional rider premium.

How the Plan Works?

Raman at 35 years, wants to buy Tata AIA Life Insurance MahaLife Magic to save regularly with the life cover. He opts this plan with the policy term of 18 years, annual premium of Rs 1,23,750 and the basic sum assured of Rs 10 Lacs.

Scenario A: Raman Survives the Policy Term

If Mr. Raman survives till the maturity of the policy term, the maturity payable is Rs 10 Lacs along with vested Compound Reversionary Bonus and Terminal Bonus. The maturity benefit helps meet the financial obligations.

Scenario A: Raman dies during the Policy Term

If Mr. Raman dies during the policy term, his nominee will receive Rs 10 Lacs along with vested Compound Reversionary Bonus and Terminal Bonus. The death benefit provides financial protection for his family.

Benefit Illustration:

Tata AIA Life Insurance MahaLife Magic Plan Scenario