• Tata AIA Life Insurance MahaLife Magic Plan

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    Plan Benefits

    Payment Options

    Policy Coverage

    Customer Service

    The Tata AIA Life Insurance MahaLife Magic plan is a unique savings plan offered by TATA AIA Life Insurance Company. It is non- linked participating endowment assurance plan, providing you maximum growth on your savings. By paying premiums for a limited or short period of time, you can secure you future and get higher returns on your savings. It is a limited premium paying plan.

    Key Features of Tata AIA Life Insurance MahaLife Magic

    The key features of Tata AIA Life Insurance MahaLife Magic plan include:

    • The plan offers a lump sum amount at maturity which you can receive by paying premiums only only 9 years.
    • Get bonuses to increase your maturity amount.
    • The plan offers protection against uncertainties throughout the entire policy term.
    • You get grace period of 15 days for a monthly mode of Tata AIA Life Insurance MahaLife Magic plan. The timeframe gets extended to 30 days for yearly, half-yearly and quarterly mode polices. You need to pay all your pending premiums within this period. Else, you policy will lapse.
    • You can revive or reinstate the policy within two years from the due date of the first premium unpaid. You can do so by paying all overdue premiums and giving a written application.
    • Policy is loan is available under the Tata AIA Life Insurance MahaLife Magic plan.
    • You can nominate somebody to receive the policy benefits in your absence. The policy accepts nomination.
    • Assignment is allowed under the policy.
    • The policy can be surrendered at any moment, provided you have paid full premiums for the 1st year.
    • Policy term is 18 years.
    • Premium payment term is 9 years.
    • Premiums can be paid annually, semi-annually and monthly. You can choose any one of these options as per your convenience.
    • The policy accepts a minimum sum assured `of Rs. 200,000
    • There is no limit on the basic sum assured.
    • The policy offer rebate on high sum assured. For example, if your sum assured is Rs. 4,00,000 and above, you will get a rebate of Rs. 3.25 on per Rs. 1000 sum assured.
    • The policy will lapse, if you fail to pay full premium for the 1st policy year.
    • You cannot change your basic sum assured under this plan.

    Benefits of Tata AIA Life Insurance MahaLife Magic

    The Tata AIA Life Insurance MahaLife Magic plan comes with the following benefits:

    • Under section 80C and 10 (10D) of the Indian Income-Tax Act, 1961, you will get tax benefits on the premiums paid for your Tata AIA Life Insurance MahaLife Magic plan. However, the tax benefits are subject to change from time to time.
    • The policy offers Compound Reversionary Bonus and Terminal Bonus.
    • The policy offers maturity benefits at maturity. However, the policy should be continued till the end of policy tenure and all premiums need to be cleared to avail these benefits. The basic minimum guaranteed Sum Assured, Terminal Bonus and vested Compound Reversionary Bonus– they all are part of the plan’s maturity benefits.
    • In case, the life assured or the policyholder dies within the policy tenure, the nominee will receive death benefits which include- the sum assured, Compound Reversionary Bonus and Terminal Bonus (if any). The sum assured on death will be 10 times higher of annualized premium paid and the basic sum assured. The policy offers a minimum of 105% of the total premiums paid as death benefits.

    Eligibility Conditions for TATA AIA Life Insurance MahaMagic Plan

    Entry age

    Minimum:12 years

    Maximum :55 years

    Maximum maturity age

    73 years

     

    How the TATA AIA Life Insurance MahaMagic Plan Works

    The TATA AIA Life Insurance MahaMagic Plan not only offers you protection against uncertainties, it also helps you grow your savings. The minimum entry age for purchasing plan is 18 years. You can choose a policy term of 9 years and pay your premiums monthly, annually and semi-annually. The minimum basic sum assured offered by the policy is Rs. 200,000.

    Premium Payment

    Premium Paying Term

    9 years

    Payment Mode

    Monthly, semi-annual and annual.

    Minimum Basic Sum Assured ` 200,000

    Rs. 200,000

    Maximum Basic Sum Assured

    No limit. It is subject to underwriting.

    Riders

    No additional riders are available under the TATA AIA Life Insurance MahaMagic plan.

    The TATA AIA Life Insurance MahaMagic plan is ideal for you, if you want to protect your income and get attractive returns on your savings.

     

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    This Insurance Company has not partnered with BankBazaar.com. For more details, please visit its website/branch office. The trademarks, logos and other subject matters of intellectual property belong to their respective owners.

    GST of 18% is applicable on life insurance effective from the 1st of July, 2017

    Tata AIA Life Insurance MahaLife Magic Plan Reviews

  • Page 1 of 7 1 2 3 4 5
    • Tata AIA Life Insurance
      "Good Policy"
      0.5 4.0/5 "Great!"
      I hold a term insurance with TATA AIA from last 3 years and it is one of the good policy to use. I am happy with the coverage and returns of this insurance policy. I pay a premium of Rs 30000 on yearly basis and the payment options are convenient for me.
      Was this review helpful? 0
      , lucknow
      Reviewed on May 23, 2018
    • Tata AIA Life Insurance
      "Better policy to use"
      0.5 5.0/5 "Blown Away!"
      I use the life insurance policy from TATA AIA LIFE INSURANCE around a year ago. The customer support service is good with the TATA AIA. This policy has the tenure of 5years . I pay the premium amount of Rs,52,400 to this policy every year once. The plan benefits and the policy coverage is good with the TATA AIA LIFE INSURANCE company.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Apr 19, 2018
    • Tata AIA Life Insurance
      "Quick follow up"
      0.5 3.0/5 "Satisfactory"
      I applied for the term insurance through bank bazaar just to experience and they were not disappointed. Though my application process was struck in between I immediately got a call from the customer care executive for the follow up snd assist. Though I did not have plans to buy the insurance I had to . But the customer care executive was kind enough to explain in detail and bare with me. Thank you.
      Was this review helpful? 0
      , bangalore
      Reviewed on Apr 04, 2018
    • Tata AIA Life Insurance
      "Good"
      0.5 4.0/5 "Great!"
      I am using the TATA AIA service for last 7 years. I have taken a pension plan from TATA AIA LIFE INSURANCE. I never faced any problems till now so there is no need to interact the customer support. The policy coverage and plan benefits are average.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Mar 07, 2018
    • Tata AIA Life Insurance
      "Good Investment"
      0.5 5.0/5 "Blown Away!"
      I took this Insurance some 2 years back and the experience with it has been pretty good. I have been paying Rs.25000 as premium in this Insurance. I would be getting a Money back for every 2 years. The overall experience with it has been pretty good.
      Was this review helpful? 0
      , mumbai
      Reviewed on Feb 16, 2018
    • Tata AIA Life Insurance
      "Reliable one"
      0.5 4.0/5 "Great!"
      I am having the life insurance policy with the TATA AIA life insurance company, They are very straight forward and the service is good. Whatever they have committed was very reasonable one with the TATA AIA life insurance company.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Feb 06, 2018
    • Tata AIA Life Insurance
      "Good"
      0.5 5.0/5 "Blown Away!"
      It is a retirement policy and taken before 7 years. I have chosen TATA AIA because the benefits are good. The customer service and response was up to the mark. After maturity period, I will get good return and which is guaranteed. The tenure period is 35 years.
      Was this review helpful? 0
      , thane
      Reviewed on Jan 25, 2018
    • Tata AIA Life Insurance
      "Great service provider"
      0.5 4.0/5 "Great!"
      I am having the life insurance policy with the TATA AIA life insurance company . I had been with them from the last ten years of time. So far, I have not faced any issues with them till now. Customer service and the response is better one with them till now.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jan 19, 2018
    • Tata AIA Life Insurance
      "Good Insurance"
      0.5 4.0/5 "Great!"
      The experience with Tata AIA has been pretty good. I have been paying Rs.33000 yearly and the total plan is for 24 years. I only need to make payment for first 12 years, from the 13th year they will be paying me Rs.50000 on yearly basis. This is one of the better Insurance available.
      Was this review helpful? 0
      , bangalore
      Reviewed on Dec 20, 2017
    • Tata AIA Life Insurance
      "Good One"
      0.5 5.0/5 "Blown Away!"
      it has been a good experience over all with TATA for my life insurance . The Tenure for the life insurance i took is of 15 years i have to pay premium . Yearly i pay for the emi of the insurance . I got a Full cover Only for me .the customer service was good from the TATA side for the insurance .
      Was this review helpful? 0
      , nagpur
      Reviewed on Dec 20, 2017
    • Tata AIA Life Insurance
      "Good "
      0.5 5.0/5 "Blown Away!"
      I do have life insurance policy with the TATA AIA life insurance company and am holding it from the last three years of time. I would like to say that the plan benefits are good one with the TATA AIA life insurance company.
      Was this review helpful? 0
      , chennai
      Reviewed on Dec 09, 2017
    • Tata AIA Life Insurance
      "Good policy"
      0.5 4.0/5 "Great!"
      I have taken life insurance with Tata Aia before two years. This policy has been taken through online without any inconvenience. I pay premium of 3200 rupees every month through net banking. The customer support was fine. The payment method is convenient.
      Was this review helpful? 0
      , bangalore
      Reviewed on Dec 04, 2017
    • Tata AIA Life Insurance
      "Average service"
      0.5 2.0/5 "Expected more"
      I have life insurance service with tata aig and I have taken one policy for the term period of 15 years and the payments where generally through online for every quarter they never update me regarding new schemes and offers also there is no proper response from tata aig it was a average service from tata aig life insurance service.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Nov 23, 2017
    • Tata AIA Life Insurance
      "Best"
      0.5 4.5/5 "Excellent!"
      I am having the life insurance policy with the Tata AIA life insurance company and the customer service is good too. Customer service is really good one with the TATA AIA life insurance company, also the services are better one.
      Was this review helpful? 0
      , noida
      Reviewed on Nov 23, 2017
    • Tata AIA Life Insurance
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      I have taken a term plan from TATA AIA life insurance. There are other insurance providers where for term plans they would not get the benefits after the matured term. But this plan I would get back my money after the tenure of 30 years. The premium is to be paid only for five years.
      Was this review helpful? 0
      , lucknow
      Reviewed on Nov 09, 2017
    • Tata AIA Life Insurance
      "Good customer services"
      0.5 4.0/5 "Great!"
      I bought TATA AiA policy in 2008 & It was 6 year term for premium payment. I closed this policy in 2015 but I got good amount & customer service was very good. It was Ulip plan. I can recommed others for TATA AIA company products. Their employees are very good.
      Was this review helpful? 0
      , new delhi
      Reviewed on Nov 02, 2017
    • Tata AIA Life Insurance
      "Good for savings"
      0.5 4.0/5 "Great!"
      Nearly I pay Rs.1000 as premium on monthly basis, it has the tenure of 15 years. They provides useful benefits, they will provide the sum assured value of Rs.2 lakhs with accidental coverage, accidental death, life cover. I used to make the payment through ECS.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Oct 26, 2017
    • Tata AIA Life Insurance
      "Good policy to use"
      0.5 3.0/5 "Satisfactory"
      It is good to have a life insurance policy with TATA AIA for past 5years. The customer support is good with this policy. I pay the premium of Rs.18,000 every year. The plan benefits and the coverage is good with this policy. I pay the premium through cash.
      Was this review helpful? 0
      , dharwad
      Reviewed on Oct 26, 2017
    • Tata AIA Life Insurance
      "Good protection for Life"
      0.5 5.0/5 "Blown Away!"
      Last three years back, I have Life insurance with TATA AIA. I am making the premium of Rs. 78,000 on annual basis for the tenure of ten years. After the tenure period I will get getting an amount of Rs.1.30 crores with accidental coverage and tax benefits. I normally make online payment to pay my premium its good.
      Was this review helpful? 0
      , ahmedabad
      Reviewed on Jul 07, 2017
    • Tata AIA Life Insurance
      "Good for small investment"
      0.5 4.0/5 "Great!"
      I do have Tata AIA life insurance company and the coverage is up to 7 lakh Rupees, also am paying around 5000 Rupees. Response and other things are really good one with them and the regular alerts, payment modes are fine one with he Tata AIA life insurance company.
      Was this review helpful? 0
      , guwahati
      Reviewed on Jun 22, 2017
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