Tata AIA Life Insurance MahaLife Magic Plan

Tata AIA Life Insurance MahaLife Magic is a traditional participating Endowment Assurance plan under which premium needs to be paid for a limited time and the benefits accrue later. Bonus participation enhances the corpus invested.

4.8^~ Rated
7.7 Crore Registered Consumer
50 Partners Insurance Partners
4.2 Crore Policies Sold

Investment Plans

Guaranteed Tax Savings^Under sec 80C & 10(10D)
Under sec 80C & 10(10D)Invest ₹10k Per Month*
Zero LTCG Tax^

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Get Guaranteed returns along with life cover

invest in 100% Guaranteed Return Plans Tax benefits under sec 80C & No Tax on returns*

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We are rated^~

7.7 Crore

Registered Consumer

Insurance Partners

4.2 Crore

Policies Sold

Disclaimer: #The investment risk in the portfolio is borne by the policyholder. Life insurance is available in this product. The maturity amount of Rs 1 Cr. is for a 30 year old healthy individual investing Rs 10,000/- per month for 30 years, with assumed rates of returns @ 8% p.a. that is not guaranteed and is not the upper or lower limits as the value of your policy depends on a number of factors including future investment performance. In Unit Linked Insurance Plans, the investment risk in the investment portfolio is borne by the policyholder and the returns are not guaranteed. Maturity Value: ₹1,05,02,174 @ CAGR 8%; ₹50,45,591 @ CAGR 4%. *Tax benefits and savings are subject to changes in tax laws. All plans listed here are of insurance companies’ funds.

Key Features

The plan is a limited premium plan with premium payable for only 9 years
The plan is eligible for Compound Reversionary Bonus and Terminal Bonus

Benefits

On Maturity, the policyholder gets the Sum Assured and the accrued bonuses
On Death, the Sum Assured along with the accumulated vested bonuses is paid which should be a minimum of 105% of all premiums paid
The Sum Assured payable on death would be higher of 10 times the annual premium or Basic SA
Premiums paid and claims received are exempted from taxation under Section 80C and 10(10D) of the Income Tax Act

Product Specification:

	Minimum	Maximum
Entry Age (Last Birthday)	12 years	55 years
Maturity Age (Last Birthday)	-	73 years
Policy Term (PT) in years	18 years
Premium Paying Term (PPT) in years	9 years
Premium Paying Frequency	Annual, Half-yearly, monthly
Yearly Premium	Depends on age and coverage chosen
Sum Assured	200,000	No limit

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Details About Premium

Annual premium in Rupees for a SA of 10 Lakhs

Age	Annual Premium	Benefits @ 4%			Benefits @ 8%
Age	Annual Premium	Compound Reversionary Bonus	Terminal Bonus	Maturity Benefit	Compound Reversionary Bonus	Terminal Bonus	Maturity Benefit
25	122,070	354,494	88,624	14,43,118	10,25,817	256,454	22,82,271
35	123,750	354,494	88,624	14,43,118	10,25,817	256,454	22,82,271

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Policy Details

Grace Period: 15 days grace period is allowed for payment of premium in monthly mode and 30 days for annual and half-yearly mode. If policyholder fails to make payment within the grace period, the policy lapses

Policy Termination or Surrender Benefit: the policy can be surrendered anytime if one full years’ premium has been paid. The Surrender value will be higher of the Guaranteed Surrender Value (GSV) or Special Surrender Value (SSV) where

GSV = total premiums paid*GSV Factor for premiums + (vested Compound Bonus* GSV Factor for bonus)

SSV = SSV Factor *Reduced Paid-up SA +vested Compound Bonus

Free Look Period: If you would not be pleased with the coverage, and terms and conditions of the policy, you have the option of canceling the policy within 15 days of receipt of the policy documents, provided there has been no claim.

Inclusions

Loan can be availed under the plan

Additional Features or Riders

There is a discount in premium for large Sum Assured ranges up to a maximum of 3.25% of SA

Exclusions

In case of suicide within 12 months from inception, total premiums paid is returned and within 12 months of revival, higher of total premiums paid or acquired Surrender Value is paid to the nominee

Documents Required

Policyholder has to fill up an ‘Application form/ proposal form’ with accurate medical history along with the address proof. Medical examination may be required in some cases, based on the sum assured and the age of the person.

†Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. This list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. The sorting is based on past 10 years’ fund performance (Fund Data Source: Value Research). For a complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website, www.irdai.gov.in
*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
*Please note that the quotes shown will be from our partners
^The tax benefits under Section 80C allow a deduction of up to ₹1.5 lakhs from the taxable income per year and 10(10D) tax benefits are for investments made up to ₹2.5 Lakhs/ year for policies bought after 1 Feb 2021. Tax benefits and savings are subject to changes in tax laws.
¶Long-term capital gains (LTCG) tax (12.5%) is exempted on annual premiums up to 2.5 lacs.
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