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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.BUY NOW
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.
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.
Bonuses are declared by the company and payable, as applicable.
Policy Loan can be availed under Tata AIA Life Insurance MahaLife Magic.
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.
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.
|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||-|
|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)||-|
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.
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.