LIC New Bima Bachat Plan 816 Calculator
Plan Name: LIC’s New Bima Bachat
UIN: 512N284V01
Plan Type: Single Premium Money Back Plan
Policy Terms: 9, 12 & 15 Years
Withdrawn from new sales on January 16, 2020Calculation Result
LIC New Bima Bachat Plan 816
Tabular Premium = ₹0
Less High Sum Assured Rebate = ₹0
Estimated Single Premium = ₹0
Survival / Money-Back Benefits
| Policy Year | Benefit | Amount |
|---|
Maturity Benefit
Death Benefit
Guaranteed Surrender Value
Loan Facility
Introduction to LIC New Bima Bachat Plan 816
The LIC New Bima Bachat Plan 816 was a single-premium, non-linked, participating savings and protection plan introduced by the Life Insurance Corporation of India (LIC). It was structured to provide life insurance protection, periodic money-back benefits during the policy term, and a maturity payout along with applicable Loyalty Additions.
LIC withdrew the plan from new sales on 16 January 2020. Even though it is no longer available for new customers, understanding its features, benefits, and calculation method remains useful for existing policyholders and for comparing similar LIC savings plans.
What is LIC New Bima Bachat Plan 816?
LIC New Bima Bachat Plan 816 was a traditional participating life insurance plan that combined savings with financial protection.
The plan primarily provided:
- Life insurance protection for the policyholder's family.
- Periodic survival benefits during the policy term.
- A lump-sum maturity benefit consisting of the Sum Assured and applicable Loyalty Additions.
As a participating plan, it could also receive bonuses or Loyalty Additions based on LIC's experience and applicable policy conditions.
Key Features of LIC New Bima Bachat Plan 816
Single Premium Payment
The entire premium was paid as a one-time lump sum at the beginning of the policy. No recurring premium payments were required during the policy term.
Policy Term Options
The plan was available for three different policy durations:
- 9 Years
- 12 Years
- 15 Years
Money-Back Benefits
The policy provided survival benefits at specified intervals depending on the selected policy term.
- 9-Year Term: Payment at the end of the 3rd and 6th years.
- 12-Year Term: Payment at the end of the 3rd, 6th, and 9th years.
- 15-Year Term: Payment at the end of the 3rd, 6th, 9th, and 12th years.
Death Benefit
If the life assured died during the policy term, the nominee was entitled to the applicable death benefit.
- If death occurred before completion of 5 policy years, the Sum Assured was payable.
- If death occurred after completion of 5 policy years, the Sum Assured along with applicable Loyalty Additions was payable.
Maturity Benefit
If the policyholder survived until the end of the selected policy term, the maturity benefit consisted of the Sum Assured plus applicable Loyalty Additions.
Loan Facility
A loan facility was available against the policy during the policy term, subject to the applicable LIC terms and conditions.
Eligibility
The plan generally provided:
- Minimum Entry Age: 15 years completed.
- Maximum Entry Age: Around 50 to 66 years, depending on the selected policy term.
- Minimum Sum Assured: ₹35,000 for the 9-year term, with different applicable limits for longer terms.
- Maximum Sum Assured: No fixed upper limit.
- Maximum Maturity Age: Approximately 59 to 65 years depending on the policy term.
- High Sum Assured Rebate: Premium rebates were available for higher Sum Assured amounts.
Launch and Withdrawal Dates
Launch Date: The plan was introduced before 2015 according to LIC's historical product listings.
Withdrawal Date: LIC stopped accepting new business under the plan on 16 January 2020.
Existing policyholders can continue to receive benefits according to the original terms and conditions of their policies.
Understanding the LIC New Bima Bachat Plan 816 Calculator
The LIC New Bima Bachat Plan 816 Calculator was designed to estimate the premium and benefits associated with the policy.
Since this was a single-premium plan, the premium calculation depended mainly on factors such as:
- Age at entry.
- Selected Sum Assured.
- Policy term.
What Does the Calculator Calculate?
The calculator can be used to estimate:
- Single premium payable for the selected Sum Assured and policy term.
- Maturity benefit including the Sum Assured and possible Loyalty Additions.
- Survival or money-back payments at the applicable intervals.
- Death benefit at different stages of the policy.
Using these calculations helps policyholders understand the expected financial benefits associated with the plan.
Example Calculation
Suppose a 30-year-old individual selects a Sum Assured of ₹1,00,000 for a 15-year policy term.
The estimated single premium could be approximately ₹77,400, excluding applicable taxes.
Under the 15-year option, survival benefits would become payable at the end of the 3rd, 6th, 9th, and 12th years according to the policy conditions.
At the end of the 15th year, the policyholder would receive the applicable maturity benefit along with Loyalty Additions, if declared.
Benefits of LIC New Bima Bachat Plan 816
Financial Protection
The policy provided life insurance protection to the family during the policy period, with the applicable Sum Assured payable according to the death benefit conditions.
Periodic Money-Back Benefits
Survival benefits provided liquidity at different stages instead of requiring the policyholder to wait until maturity for the entire benefit.
Maturity Benefit
At the end of the policy term, the policyholder received the applicable Sum Assured along with Loyalty Additions.
One-Time Premium
The single-premium structure eliminated the need for recurring premium payments, making the plan convenient for individuals with sufficient lump-sum funds.
Loan Facility
Policyholders could use the loan facility against the policy to meet financial requirements during the policy term.
Loyalty Additions
Eligible policies could receive Loyalty Additions, which enhanced the overall benefit payable at maturity or under applicable death benefit conditions.
Important Considerations
- LIC New Bima Bachat Plan 816 is no longer available for new purchases.
- The plan was withdrawn from sale in 2020.
- It was designed for individuals seeking life protection combined with periodic money-back benefits through a single premium.
- Loyalty Additions were dependent on LIC's applicable declarations and were not guaranteed.
- Tax treatment and benefits were subject to the prevailing tax laws and policy conditions.
Comparison With Similar LIC Plans
| Plan | Premium Mode | Maturity Benefit | Policy Term | Death Benefit |
|---|---|---|---|---|
| LIC New Bima Bachat 816 | Single Premium | Sum Assured + Loyalty Additions | 9, 12, 15 Years | Sum Assured plus applicable Loyalty Additions |
| LIC Bima Ratna Plan 864 | Limited Premium | Maturity benefit + Money Back | 12, 15 Years | Sum Assured + applicable benefits |
| LIC Jeevan Anand | Regular/Single | Maturity and survival benefits | Up to 35 Years | Sum Assured + applicable bonuses |
For current product features and updated calculators, users should refer to LIC's official information or authorized LIC representatives.
How to Use LIC New Bima Bachat Plan 816 Calculator Online
Since LIC has withdrawn Plan 816, its official calculator may no longer be available for new purchases. However, legacy calculators on financial and insurance websites may still be useful for historical calculations.
Typically, the calculator requires:
- Age of the policyholder.
- Desired Sum Assured.
- Policy term of 9, 12, or 15 years.
The results may include:
- Estimated single premium excluding applicable taxes.
- Survival benefit amounts.
- Estimated maturity benefit.
- Applicable Loyalty Additions.
- Death benefit details.
Frequently Asked Questions
What is LIC New Bima Bachat Plan 816?
LIC New Bima Bachat Plan 816 was a single-premium participating money-back life insurance plan that combined life protection, periodic survival benefits, and a maturity payout with applicable Loyalty Additions.
When was LIC New Bima Bachat Plan 816 withdrawn?
LIC withdrew the plan from new sales on 16 January 2020.
What policy terms were available?
The plan offered three policy terms:
- 9 Years
- 12 Years
- 15 Years
How was the premium paid?
The policy required a single premium, meaning the entire premium was paid upfront when the policy was purchased.
What was the death benefit?
If death occurred within the first five policy years, the applicable Sum Assured was payable. After completion of five years, the Sum Assured along with applicable Loyalty Additions was payable according to the plan conditions.
Conclusion
The LIC New Bima Bachat Plan 816 was a traditional single-premium money-back insurance plan that combined life protection, periodic survival benefits, and a maturity payout. Its single-payment structure made it convenient for policyholders, while the scheduled money-back benefits provided liquidity during the policy term.
Although LIC withdrew the plan from new sales in 2020, its features and calculation method remain relevant for existing policyholders and for understanding older LIC savings-cum-protection products.
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