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Your turn, your opponents turn, during combat, or in response to another spell

Admittedly, gaining life on this sort of effect is historically more powerful, being more at home in midrange and controlling decks, but making the opponent lose life does make this card more at home in aggressive black decks

Or cards that prevent you from losing the game, either straight-up like Stunning Reversal or by ending the turn before Phage's trigger can resolve with Sundial of the Infinite

I think it makes Limited a lot more interesting as a format, and I like that they exist in self-contained sets

You can choose to disrupt your opponents hand, kill a small creature, and/or drain your opponent for two life each time you cast it