LIC New Bima Bachat Plan 816 Calculator
Plan Name: LIC's New Bima Bachat (UIN: 512N284V01)
Launch Date: January 2014 | Withdrawal Date: January 16, 2020
Plan Type: Single Premium Money Back Plan
Calculation Results
Survival Benefits (15% of Sum Assured)
The LIC New Bima Bachat Plan No. 816 was a single premium, non-linked, participating savings and protection plan designed to offer life cover, a money-back benefit during the policy tenure, and a maturity sum assured plus loyalty additions at the end of the term. However, this plan was withdrawn from sale by LIC as of January 16, 2020.
LIC New Bima Bachat Plan 816 Calculator: A Complete Guide
The LIC New Bima Bachat Plan 816 was one of the popular life insurance plans by LIC India that provided a combination of protection and savings benefits. It was designed for policyholders looking for financial security along with periodic returns during the policy term. This plan was launched to offer an attractive, single premium money-back plan with life cover and maturity benefits.
Although LIC withdrew this plan from the market on January 16, 2020, understanding its features and how the premium and maturity values were calculated remains useful for policyholders who had purchased it and for those comparing similar current plans.
Introduction to LIC New Bima Bachat Plan 816
The plan was a non-linked, participating policy, meaning the benefits were not linked to market performance, but the plan was eligible for annual bonus or loyalty additions based on LIC’s profits. It primarily served two purposes:
- Protecting the policyholder’s family by paying a sum assured in case of untimely death.
- Providing periodic survival benefits as money back during the policy term.
- Giving a lump sum maturity amount consisting of the sum assured plus bonuses/loyalty additions upon maturity.
Key Features of the Plan
- Single Premium Payment: The entire premium for the policy term was paid upfront as a lump sum.
- Policy Terms: The plan was available in 9-year, 12-year, and 15-year tenures.
- Money Back Benefits: Depending on the policy term, the plan paid survival benefits (money back) at regular intervals:
- For 9 years: Money back at the end of the 3rd and 6th years.
- For 12 years: Money back at the end of the 3rd, 6th, and 9th years.
- For 15 years: Money back at the end of the 3rd, 6th, 9th, and 12th years.
- Death Benefit: In case of the policyholder’s death during the tenure,
- If less than 5 years of policy tenure were completed, only the sum assured was paid.
- If more than 5 years were completed, the sum assured plus loyalty additions (bonus) was paid.
- Maturity Benefit: On survival till maturity, the policyholder received the sum assured plus loyalty additions.
- Loan Facility: The policyholder could avail of a loan against the policy during the term.
- Eligibility:
- Entry Age: Minimum 15 years (completed), maximum up to 50-66 years depending on policy term.
- Sum Assured: Minimum Rs.35,000 (for 9-year term) and higher for longer terms, with no maximum limit.
- Maximum Maturity Age: Ranged from 59 to 65 years based on policy term.
- Rebate on High Sum Assured: discount in premium was available for higher sum assured amounts.
Launch and Withdrawal Dates
- Launch Date: The plan was launched before 2015, as per LIC’s historical listings.
- Withdrawal Date: LIC officially withdrew this plan for new sales on January 16, 2020.
Understanding the LIC New Bima Bachat Calculator
The premium and maturity benefits under this plan could be computed using the LIC New Bima Bachat Plan 816 calculator. Since this is a single premium plan, the premium is calculated based on the sum assured, age at entry, and policy tenure.
What Does the Calculator Do?
- Calculates the single premium payable based on the sum assured, age, and policy tenure.
- Estimates the maturity amount, which includes the sum assured plus potential loyalty additions.
- Shows money back (survival benefit) amounts payable at the specified intervals.
- Calculates death benefits for different stages of the policy term.
By using this calculator, users could easily estimate the benefits they would receive from the plan before purchasing it.
Example Calculation
Suppose a 30-year-old person wishes to buy the plan with a sum assured of Rs. 1,00,000 for a 15-year term. The premium might be around Rs. 77,400 (excluding taxes). Money back benefits would be payable at intervals of 3, 6, 9, and 12 years as per the plan terms, with the final maturity paid at the end of 15 years along with loyalty additions.
Benefits of LIC New Bima Bachat Plan
- Safety and Security: The insured’s family gets the sum assured if the policyholder dies during the policy tenure.
- Money Back (Liquidity): Survival benefits at regular intervals provide financial support before maturity.
- Maturity Benefit: Helps policyholders accumulate a lump sum amount at the end of the term.
- Single Premium: No recurring payments, simplifying investment and planning.
- Loan Facility: Loan can be taken against the policy for emergencies.
- Loyalty Additions: Encourages continuing the policy till maturity to get bonus additions.
Important Considerations
- This plan is no longer available for new buyers since its withdrawal in 2020.
- The plan suited investors looking for a mix of protection and periodic returns with a single premium.
- Loyalty additions or bonuses depend on LIC’s profits and are not guaranteed.
- Any tax benefits would be subject to prevailing tax laws.
Comparison With Other Plans
To consider alternatives, one might look at other LIC money-back plans or savings-cum-protection plans available currently, such as:
| Plan Name | Payment Mode | Maturity Benefit | Policy Term Options | Death Benefit |
|---|---|---|---|---|
| LIC New Bima Bachat 816 | Single premium | Sum assured + Loyalty additions | 9, 12, 15 years | Sum assured or higher + loyalty additions post 5 years |
| LIC Bima Ratna Plan 864 | Limited premium | Money back + maturity benefits | 12, 15 years | Sum assured + bonuses |
| LIC Jeevan Anand | Regular or single | Survival benefits + maturity payout | Up to 35 years | Sum assured + bonuses |
(Note: For newest product features and calculators, consult LIC official website or authorized agents.)
How to Use LIC New Bima Bachat Plan 816 Calculator Online
Though LIC’s official site removed this plan’s calculator after withdrawal, third-party sites and financial tool providers may offer a legacy calculator for estimation purposes.
Typically, you would enter:
- Age of the policyholder
- Sum assured desired
- Policy tenure (9, 12, or 15 years)
And the calculator returns:
- Single premium payable (excluding taxes)
- Estimated money back payout at various intervals
- Estimated maturity value including loyalty additions
- Death benefit details
Frequently Asked Questions
What is LIC New Bima Bachat Plan 816?
LIC New Bima Bachat Plan 816 is a single premium, money-back life insurance plan that provides protection, survival benefits at intervals, and a maturity sum assured plus loyalty additions. It is a traditional participating plan by LIC offering savings cum protection.
When was the LIC New Bima Bachat Plan 816 launched and withdrawn?
The plan was launched before 2015 and was withdrawn from new sales by LIC on January 16, 2020.
What are the policy tenure options for this plan?
The plan was available with policy tenures of 9 years, 12 years, and 15 years.
How is the premium paid in the New Bima Bachat Plan 816?
It follows a single premium payment structure, meaning the entire premium is paid upfront at the start of the policy.
What is the death benefit under this plan?
If the policyholder dies within the first 5 years, only the sum assured is paid. After 5 years, sum assured plus loyalty additions, if any, are paid.
Conclusion
The LIC New Bima Bachat Plan 816 was a classic single premium money-back plan offering financial protection with liquidity during the policy tenure and a maturity benefit. Though withdrawn now, understanding its mechanics helps policyholders who still have this plan and users who want to compare similar savings-cum-protection products.