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.
|
|
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 |
Annual premium in Rupees for a SA of 10 Lakhs
|
Age |
Annual Premium |
Benefits @ 4% |
Benefits @ 8% |
||||
|
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 |
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.
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.
