Tata AIA Life Insurance has rolled out its latest offering, Tata AIA Life Insurance MahaLife Magic, designed to provide income protection as well as attractive returns.

Tata AIA Life, a joint venture (JV) between Tata Sons and the AIA Group (AIA), said that the new product complies with new IRDA guidelines and enables policy holders to achieve their long terms financial goals.

Tata AIA Life product development vice president Shivdutt Das said, "Our research shows that customers have varying expectations from their insurance product, be it life protection over longer durations or attractive returns to fulfil their long-term goals."

"Tata AIA Life Insurance MahaLife Magic is a limited pay plan which provides our customer with the dual benefits of protection and growth.

"In addition, it helps in building up of customer’s target corpus through the magic of compounding," Das added.

The insurance firm has rolled out an array of products featuring higher protection cover as well as additional benefits such as liquidity and flexibility of plan duration.

Tata AIA Life delivers various kinds of insurance products including life, health and group insurance to individuals, associations and businesses of all sizes.