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Ageing of dielectric materials has been studied by several researchers under different conditions. The simultaneous application of both an electric and magnetic field on the behavior of ageing of dielectric materials has not been reported so far. In this paper the effect of both electric and magnetic fields on the life of dielectric materials (paraffin solid) has been reported and a mathematical model has been presented. It is revealed from the experimental study that the lifetime of the insulating materials is increased under the simultaneous application of an electric and magnetic field.