LIC New Bima Bachat Plan 916
Life Insurance Corporation of India LIC New Bima Bachat Plan 916 was a popular insurance and savings policy designed to provide both financial protection and periodic returns.
The policy offered a combination of life insurance coverage, survival benefits, and maturity returns through a single premium payment structure.
Although the policy has now been withdrawn, understanding its features and benefit calculations remains useful for existing policyholders and individuals comparing traditional LIC money-back insurance plans.
Introduction to LIC New Bima Bachat Plan 916
LIC New Bima Bachat Plan 916 was launched on February 1, 2020, as a single-premium money-back insurance policy.
The plan provided:
- Financial protection against death during the policy term
- Periodic survival benefits
- Maturity payout along with loyalty additions
If the policyholder survived until maturity, the single premium paid along with applicable loyalty additions was payable.
The plan was withdrawn from sale on January 1, 2025. Existing policyholders, however, continue receiving benefits according to original policy conditions.
Key Features of LIC New Bima Bachat Plan 916
Single Premium Payment
The policy required payment of the entire premium amount only once at the beginning of the policy term.
Money-Back Benefits
Policyholders received:
- 15% of the Sum Assured every 3 years
as periodic survival benefits during the policy term.
Available Policy Terms
LIC New Bima Bachat Plan 916 was available for:
- 9 years
- 12 years
- 15 years
allowing flexibility according to financial goals.
Death Benefit Protection
If the policyholder died during the policy term, the nominee received the full Sum Assured as death benefit.
Loyalty Additions
On maturity, the policyholder received:
- Single premium paid
- Loyalty additions, if declared
which enhanced overall maturity returns.
Loan Facility
Policyholders could avail loans up to:
- 90% of surrender value
helping meet emergency liquidity needs without surrendering the policy.
Free Look Period
The policy offered:
- 15-day free look period
allowing customers to review policy terms and cancel if unsatisfied.
Entry Age Criteria
What Were the Entry Age Limits?
- Minimum entry age: 15 years nearest birthday
- Maximum entry age: 50 years nearest birthday
Minimum Sum Assured Requirements
The minimum Sum Assured varied according to selected policy term:
- ₹35,000 for 9-year term
- ₹50,000 for 12-year term
- ₹70,000 for 15-year term
There was no specified upper limit for the Sum Assured.
Eligibility Criteria for LIC New Bima Bachat Plan 916
What Were the Eligibility Conditions for LIC New Bima Bachat Plan 916?
| Criteria | Details |
|---|---|
| Minimum Entry Age | 15 years completed |
| Maximum Entry Age | 50 years nearest birthday |
| Policy Term | 9 years, 12 years, or 15 years |
| Premium Payment Option | Single Premium only |
| Minimum Sum Assured | ₹35,000 for 9 years, ₹50,000 for 12 years, ₹70,000 for 15 years |
| Maximum Sum Assured | No upper limit |
Benefits of LIC New Bima Bachat Plan 916
Financial Protection for Nominee
If the policyholder died during the policy term, the nominee received the full Sum Assured as death benefit.
Regular Survival Benefits
The policy provided:
- 15% of the Sum Assured every 3 years
as periodic survival benefits during the policy tenure.
Return of Single Premium at Maturity
If the policyholder survived till maturity, LIC paid back:
- Full single premium paid
along with applicable loyalty additions.
Loyalty Additions
Additional loyalty additions were payable at maturity, rewarding policyholders for staying invested throughout the policy term.
Loan Facility
Policyholders could avail loans up to:
- 90% of surrender value
to manage emergency financial needs without surrendering the policy.
Tax Benefits
Premiums paid and benefits received qualified for tax benefits under prevailing provisions of the Income Tax Act, subject to applicable conditions.
How LIC New Bima Bachat Plan 916 Worked
How Did the Policy Operate?
LIC New Bima Bachat Plan 916 functioned on a single premium basis.
After payment of the one-time premium:
- Survival benefits were paid every 3 years
- Death benefit protection remained active throughout the policy term
- Maturity benefits became payable at policy completion
Survival Benefits During Policy Term
At the end of every 3 years:
- 15% of the Sum Assured was paid as survival benefit
provided the policyholder survived those durations.
Death Benefit During Policy Term
If the policyholder died during the policy tenure:
- Full Sum Assured was payable to the nominee
regardless of how many survival benefits had already been paid earlier.
Maturity Benefit
If the policyholder survived till policy maturity, LIC paid:
- Single premium amount
- Loyalty additions, if applicable
as final maturity proceeds.
Understanding LIC New Bima Bachat Plan 916 Calculator
LIC New Bima Bachat Plan 916 Calculator helped policyholders estimate:
- Premium payable
- Survival benefits
- Maturity benefits
- Death benefits
according to selected policy details.
What Inputs Were Required in LIC New Bima Bachat Plan 916 Calculator?
The calculator generally required:
- Age of the policyholder nearest birthday
- Selected policy term:
- 9 years
- 12 years
- 15 years
- Desired Sum Assured
What Did LIC New Bima Bachat Plan 916 Calculator Show?
The calculator displayed:
- Single premium payable
- Survival benefit payouts every 3 years
- Maturity benefit including loyalty additions
- Death benefit payable to nominee
This helped users understand expected returns and insurance coverage before purchasing the policy.
Sample Calculation Using LIC New Bima Bachat Plan 916 Calculator
Example of LIC New Bima Bachat Plan 916 Calculation
Suppose a 30-year-old individual selects:
- Policy Term: 15 years
- Sum Assured: ₹1,00,000
The LIC New Bima Bachat Plan 916 Calculator may estimate the following:
- Approximate single premium payable: ₹77,680
- Survival Benefit: ₹15,000 every 3 years
- Maturity Benefit: Return of single premium along with loyalty additions, if applicable
- Death Benefit: ₹1,00,000 payable to nominee during policy term
These values are approximate and help policyholders understand the expected benefits before purchasing the policy.
Premium Rates and Rebates
Approximate Premium Rates for LIC New Bima Bachat Plan 916
| Age (Nearest Birthday) | 9-Year Premium | 12-Year Premium | 15-Year Premium |
|---|---|---|---|
| 15 Years | ₹72,187 | ₹74,016 | ₹77,155 |
| 25 Years | ₹72,281 | ₹74,112 | ₹77,270 |
| 35 Years | ₹72,540 | ₹74,434 | ₹77,680 |
| 45 Years | ₹73,569 | ₹75,566 | ₹78,925 |
Premium amounts varied according to:
- Entry age
- Selected policy term
- Sum Assured
Additional rebates were available depending on Sum Assured slabs and policy duration.
Withdrawn Status of LIC New Bima Bachat Plan 916
What Happened After Withdrawal of LIC New Bima Bachat Plan 916?
Life Insurance Corporation of India withdrew LIC New Bima Bachat Plan 916 from sale on January 1, 2025.
This meant:
- New policies could no longer be purchased
- Existing policyholders continued receiving benefits according to original policy terms
- Premium structures and policy benefits remained unchanged for active policies
Why Use LIC New Bima Bachat Plan 916 Calculator?
Benefits of Using LIC New Bima Bachat Calculator
- Helps estimate survival benefits and maturity returns
- Assists in financial planning before policy purchase
- Shows premium payable according to selected Sum Assured
- Makes comparison with other LIC plans easier
- Provides clarity regarding death and maturity benefits
Advantages of LIC New Bima Bachat Plan 916
Single Premium Convenience
The policy required only one-time premium payment, removing the burden of recurring premium payments.
Periodic Survival Benefits
Regular money-back payouts every 3 years provided liquidity during the policy term.
Family Protection
The plan offered full death benefit protection to nominees throughout the policy duration.
Loyalty Additions
Additional loyalty additions increased overall maturity returns.
Loan Facility
Loan availability against surrender value provided financial flexibility during emergencies.
Important Things to Remember
Key Points About LIC New Bima Bachat Plan 916
- The plan was a single premium money-back policy
- Premium amount depended on age and policy term
- Survival benefits remained fixed at 15% of Sum Assured every 3 years
- Full Sum Assured remained payable on death regardless of previous survival benefits paid
- Loan facility was available on surrender value
- The policy was withdrawn from new sales in January 2025
Frequently Asked Questions
What is LIC New Bima Bachat Plan 916?
LIC New Bima Bachat Plan 916 was a single premium money-back insurance policy that offered survival benefits every 3 years along with maturity and death benefits.
When Was LIC New Bima Bachat Plan 916 Launched?
The policy was launched on February 1, 2020.
Is LIC New Bima Bachat Plan 916 Available for New Purchase?
No, the plan was withdrawn from sale on January 1, 2025.
What Was the Minimum Entry Age for LIC New Bima Bachat Plan 916?
The minimum entry age was 15 years nearest birthday.
What Policy Terms Were Available Under LIC New Bima Bachat Plan 916?
Available policy terms included:
- 9 years
- 12 years
- 15 years
Could Policyholders Avail Loans Under LIC New Bima Bachat Plan 916?
Yes, loans up to 90% of surrender value were available under the policy.
Conclusion
LIC New Bima Bachat Plan 916 was a convenient single premium insurance and savings plan that combined periodic money-back benefits with life insurance protection. Although the policy was withdrawn in 2025, understanding its features and calculator estimates remains useful for existing policyholders and individuals evaluating similar LIC money-back insurance products.
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