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
Maximum :55 years
Maximum maturity age
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 Paying Term
Monthly, semi-annual and annual.
Minimum Basic Sum Assured ` 200,000
Maximum Basic Sum Assured
No limit. It is subject to underwriting.
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.
Other Saving Plans From Tata AIA Life Insurance
- Tata AIA Life Insurance Smart Growth Plus Plan
- Tata AIA Life Insurance MahaLife Gold Plus Plan
- Tata AIA Life Insurance Money Maxima Plan
Other Popular Tata AIA Life Insurance Plans
- Tata AIA Life Insurance Savings Plans
- Tata AIA Life Wealth Solutions Plans
- Tata AIA Life Insurance Group Plans
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GST of 18% is applicable on life insurance effective from the 1st of July, 2017