Life Insurance Corporation of India (LIC) has been a trusted name in the insurance sector for decades, offering a variety of plans to secure the financial future of individuals and their families. One such plan that stood out in recent years was the LIC New Bima Bachat Plan 916.

This plan offered a unique blend of savings and protection with attractive survival benefits. Though the plan has been withdrawn recently, understanding its features and how to calculate premiums and maturity value through a calculator remains valuable.

Introduction to LIC New Bima Bachat Plan 916

Launched on 1st February 2020, the LIC New Bima Bachat Plan 916 was designed as a single-premium money-back plan. It provided policyholders with financial protection against unfortunate death during the policy term and periodic survival benefits. If the policyholder survived till maturity, they received the single premium paid along with loyalty additions.

However, this plan was withdrawn on 1st January 2025, meaning no new policies are being sold under this plan anymore, but existing policies continue as per the agreed terms.

Key Features of LIC New Bima Bachat Plan 916

• Single Premium Payment: The entire premium is paid upfront.
• Money-back Benefits: 15% of the sum assured is paid every 3 years as survival benefit.
• Policy Terms: Available for terms of 9, 12, and 15 years.
• Death Benefit: In case of death during the policy term, the nominee receives the full sum assured.
• Loyalty Addition: On maturity, along with the single premium, loyalty additions (if any) are paid.
• Loan Facility: Policyholders can avail of loans up to 90% of the surrender value to meet liquidity needs.
• Free Look Period: 15 days to review the policy and cancel if not satisfied.
• Minimum and Maximum Ages: Entry age from 15 years to 50 years (nearer birthday).
• Minimum Sum Assured: Rs. 35,000 for 9 years; Rs. 50,000 for 12 years; Rs. 70,000 for 15 years.
• No Maximum Sum Assured Limit.

Eligibility Criteria

Criteria	Details
Minimum Age	15 years completed
Maximum Age	50 years (nearest birthday)
Policy Term	9, 12, or 15 years
Premium Payment	Single premium payment only
Minimum Sum Assured	Rs. 35,000 (9 years), Rs. 50,000 (12 years), Rs. 70,000 (15 years)
Maximum Sum Assured	No limit

Benefits of LIC New Bima Bachat Plan 916

1. Financial Protection to Nominee: In case of untimely death during the policy tenure, the nominee gets the full sum assured.
2. Regular Survival Benefits: 15% of the sum assured is paid every 3 years, ensuring periodic returns.
3. Return of Single Premium at Maturity: On survival till maturity, the policyholder gets back the full single premium paid.
4. Loyalty Additions: Additional bonus paid at maturity as a reward for staying invested.
5. Loan Facility: Access to loan up to 90% of the surrender value for emergencies.
6. Tax Benefits: Premiums paid and maturity proceeds are eligible for tax benefits under the Income Tax Act (subject to prevailing tax laws).

How Does LIC New Bima Bachat Plan 916 Work?

The plan works on a single premium basis. When you pay the premium, the policy starts, and the benefits unfold as follows:

• At the end of every 3 years during the policy term, 15% of the sum assured is paid as a survival benefit.
• If the policyholder passes away anytime during the tenure, the full sum assured is paid to the nominee, irrespective of how many survival benefits were already paid.
• If the policyholder survives the entire policy term, the maturity benefit consists of the single premium paid plus any loyalty additions.

Understanding the LIC New Bima Bachat Plan 916 Calculator

A calculator for LIC New Bima Bachat Plan 916 helps potential buyers and existing policyholders estimate the premium amount required based on their age, policy term, and sum assured. It also calculates survival benefits, maturity amount, and death benefit projections.

What Inputs Are Needed?

• Age of the policyholder (nearest birthday)
• Policy term (9, 12, or 15 years)
• Sum assured chosen by the policyholder

What Does the Calculator Output?

• Single premium to be paid
• Survival benefits every 3 years (15% of sum assured)
• Maturity benefit (single premium + loyalty additions)
• Death benefit amount

This helps users understand how much they will need to invest and what returns they can expect at different stages during the policy term.

Sample Calculation Using LIC New Bima Bachat Plan 916 Calculator

Suppose you are 30 years old and opt for a 15-year term with a sum assured of Rs. 1,00,000.

• The calculator will show the single premium payable (approx Rs. 77,680 based on rate charts).
• Survival benefit: Rs. 15,000 every 3 years (15% of Rs. 1,00,000).
• On maturity: Single premium returned plus any loyalty additions.
• Death during the term: Rs. 1,00,000 paid to nominee.

These figures are approximate and help in decision-making before purchase.

Premium Rates and Rebates

The premium varies by entry age and policy term. For example:

Age (Nearest Birthday)	9 Years Premium	12 Years Premium	15 Years Premium
15	Rs. 72,187	Rs. 74,016	Rs. 77,155
25	Rs. 72,281	Rs. 74,112	Rs. 77,270
35	Rs. 72,540	Rs. 74,434	Rs. 77,680
45	Rs. 73,569	Rs. 75,566	Rs. 78,925

Rebates are offered based on sum assured slabs and policy term.

Withdrawn Status and What It Means

It is essential to note that LIC New Bima Bachat Plan 916 was withdrawn on 1st January 2025. The withdrawal means:

• New policies cannot be purchased under this plan.
• Existing policyholders continue as per plan terms.
• Premium payment and benefits remain unchanged for ongoing policies.

Why Use an LIC New Bima Bachat Calculator?

• To plan finances better before buying the policy.
• To estimate returns and survival benefits according to age and tenure.
• To understand the premium required for a chosen sum assured.
• To help compare with other LIC or insurance plans.

Advantages of LIC New Bima Bachat Plan 916

• Simple single premium payment reduces hassle of recurring premiums.
• Periodic payouts provide regular income during the term.
• Added security for family with death benefit.
• Loyalty additions enhance returns.
• Loan facility adds liquidity benefit.

Important Things to Remember

• The plan was strictly a single premium, money-back plan.
• Premium depends on age and policy term.
• Survival benefits are fixed at 15% of the sum assured every 3 years.
• Death benefit is the entire sum assured irrespective of survival benefits paid.
• Loan available on surrender value.
• Withdrawn from sale in 2025; only existing customers continue.

Frequently Asked Questions

Conclusion

The LIC New Bima Bachat Plan 916 was an attractive option for individuals looking for a single premium money-back plan combining savings and insurance. Though now withdrawn, the knowledge about this plan and the use of the LIC New Bima Bachat Plan 916 calculator remains helpful for those holding existing policies or comparing similar products.