Tata AIA Life Insurance MahaLife Magic
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.
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.
Details About Premium
Annual premium in Rupees for a SA of 10 Lakhs
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.
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
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.