LIC of India launched the LIC New Bima Bachat Plan 916 (Table No. 916) as a Single Premium, Non-Linked, Non-Participating, Money-Back Life Insurance Policy. It’s an ideal plan for individuals looking for guaranteed returns, periodic payouts, and life cover, all with just a one-time premium payment.
This plan not only provides regular money-back benefits every three years, but also ensures that on maturity, the full single premium paid (excluding money-back) along with Loyalty Addition (if any) is returned to the policyholder. In case of untimely death during the policy term, the nominee receives the entire Sum Assured, irrespective of the money-back already paid.
🎯 Key Features of LIC Bima Bachat 916
| Feature | Description |
|---|---|
| Policy Type | Money Back, Traditional Plan |
| Premium Type | Single Premium |
| Returns | Guaranteed Money Back + Loyalty Additions |
| Survival Benefit | 15% of Sum Assured every 3 years |
| Death Benefit | Full Sum Assured + Loyalty Addition (if any) |
| Policy Terms | 9, 12, and 15 years |
| Tax Benefits | Under Sections 80C and 10(10D) |
| Loan Facility | Available after 1 year |
📌 LIC New Bima Bachat Plan 916 – Eligibility & Parameters
| Parameter | Details |
|---|---|
| Minimum Age at Entry | 15 years (completed) |
| Maximum Age at Entry | 50 years (nearest birthday) |
| Policy Term Options | 9, 12, and 15 years |
| Minimum Sum Assured | ₹35,000 (9 yrs) ₹50,000 (12 yrs) ₹70,000 (15 yrs) |
| Maximum Sum Assured | No upper limit |
| Premium Mode | Single Premium only |
💰 Sum Assured Rebates
| Policy Term | Sum Assured Slab | Rebate on Tabular Premium |
|---|---|---|
| 9 years | Less than ₹75,000 | NIL |
| ₹75,000 – ₹1.5 Lakh | 6% | |
| ₹1.5 Lakh and above | 8% | |
| 12 years | Less than ₹1 Lakh | NIL |
| ₹1 Lakh – ₹2 Lakh | 4% | |
| ₹2 Lakh and above | 6% | |
| 15 years | Less than ₹1.5 Lakh | NIL |
| ₹1.5 Lakh – ₹3 Lakh | 3% | |
| ₹3 Lakh and above | 5% |
🛡️ Death Benefit
In case of unfortunate death of the policyholder during the policy term:
- Within the first 5 years:
👉 Full Sum Assured is paid to the nominee, regardless of any money-back already received. - After 5 years:
👉 Full Sum Assured + Loyalty Addition (if any) is paid to the nominee, regardless of survival benefits paid.
🎉 Survival Benefit
Policyholder receives 15% of the Sum Assured every 3 years, based on the policy term:
| Policy Term | Survival Benefit Schedule |
|---|---|
| 9 years | At end of 3rd and 6th year (30% total) |
| 12 years | At end of 3rd, 6th, and 9th year (45% total) |
| 15 years | At end of 3rd, 6th, 9th, and 12th year (60% total) |
🎁 Maturity Benefit
If the life assured survives the full policy term, the following is payable:
👉 Single Premium Paid + Loyalty Addition (if any)
(Survival Benefits already paid during the term are not deducted from the maturity amount.)
⭐ Loyalty Addition
LIC New Bima Bachat 916 is a profit-participating plan, which means the policy is eligible for Loyalty Addition, depending on LIC’s declared experience.
Loyalty Addition is paid:
- On death (after 5 years), or
- On maturity of the policy
📊 Example – LIC New Bima Bachat 916 Plan Illustration
Policyholder Name: Mr. Suresh
Age: 25 Years
Sum Assured: ₹2,00,000
Policy Term: 15 Years
Single Premium Paid: ₹1,55,338
✅ Survival Benefits:
- ₹30,000 at the end of year 3
- ₹30,000 at the end of year 6
- ₹30,000 at the end of year 9
- ₹30,000 at the end of year 12
Total Money Back Received = ₹1,20,000
✅ Maturity Benefit (2038):
- Approximate maturity payout: ₹1,93,904
- This includes Single Premium + Loyalty Additions
- Note: Money-back received earlier is not deducted
🔍 Additional Information
| Feature | Details |
|---|---|
| Risk Cover Starts | Immediately from policy commencement |
| Lock-in Period | 1 year |
| Loan Facility | Available after 1 year |
| Tax Benefits | Section 80C (Premium), Section 10(10D) (Maturity) |
| Proposal Forms | Form No. 300 or 340 |
| Cooling-Off Period | 15 days from policy receipt |
| Backdating | Allowed within same financial year |
| Assignment/Nomination | Allowed |
| Suicide Clause | 80% of premium returned if death occurs within 12 months (no claim payable) |
🎯 Who Should Buy LIC Bima Bachat 916?
This plan is best suited for individuals who:
- Prefer one-time investment in a traditional plan
- Want guaranteed survival payouts every 3 years
- Need life insurance protection along with liquidity
- Want tax-free maturity benefits
- Are looking for a low-risk, long-term saving and insurance combo
📝 Conclusion
LIC New Bima Bachat Plan 916 is a powerful money-back policy with the convenience of single premium payment. It offers multiple periodic returns, guaranteed protection, and maturity benefits, all while participating in LIC’s profits through loyalty additions.
If you are seeking secure returns, financial discipline, and life insurance coverage, all in one go – this plan is worth considering.
