LIC New Bima Bachat 816 is a single-premium, with-profit money back plan from 2014 that LIC replaced with Plan 916 in 2020. It pays 15% of the sum assured every three years and returns the single premium plus loyalty addition at maturity. A 30-year-old with ₹1 lakh cover for 9 years pays about ₹72,357 once and gets ₹30,000 as money back plus ₹72,357 at maturity.
New Bima Bachat 816 Premium & Payout Calculator
Your estimate
single premium returned + assumed loyalty addition
- Money back every 3 years (15% of SA)
- ₹15,000
- Survival benefits (money back)
- ₹30,000
- Total returns
- ₹1,06,857
- Sum assured on deathplus loyalty addition if death is after 5 policy years
- ₹1,00,000
- Approx. return (IRR)
- 5.26%
- Age at maturity
- 39 years
- Single premium₹72,35768%
- Net gain₹34,50032%
Payout schedule
| Years | Age | You get | Received so far |
|---|---|---|---|
| 3 | 33 | ₹15,000 | ₹15,000 |
| 6 | 36 | ₹15,000 | ₹30,000 |
| 9 | 39 | ₹76,857 | ₹1,06,857 |
Individual life insurance premiums are exempt from GST from 22 September 2025. Figures are estimates based on typical rates and may differ from LIC’s official quote.
What is LIC New Bima Bachat Plan 816?
LIC New Bima Bachat Plan 816 is a single-premium money back plan. You pay once at the start and then receive regular cash every three years, your premium back at the end, and life cover throughout. It is a with-profit plan, which means it can also earn a loyalty addition when it ends.
Plan 816 (UIN 512N284V01) was LIC’s 2014 update of the original Bima Bachat 175. It was withdrawn in early 2020 and replaced by New Bima Bachat 916. If you hold an 816 policy, this page and the calculator help you see what you paid and what is still to come.
New Bima Bachat 816 at a glance
| Feature | Details |
|---|---|
| Plan number / UIN | 816 / 512N284V01 |
| Plan type | Single premium, with-profit money back |
| Policy term | 9, 12 or 15 years |
| Entry age | 15 to 50 years |
| Maximum maturity age | 59, 62 or 65 years (by term) |
| Minimum sum assured | ₹35,000 / ₹50,000 / ₹70,000 |
| Money back | 15% of sum assured every 3 years |
| Maturity | Single premium + loyalty addition |
| Status | Withdrawn in 2020; replaced by Plan 916 |
Eligibility
| Term | Entry age | Minimum sum assured |
|---|---|---|
| 9 years | 15 – 50 | ₹35,000 |
| 12 years | 15 – 50 | ₹50,000 |
| 15 years | 15 – 50 | ₹70,000 |
How the premium works
The single premium is a fixed amount per ₹1,000 of sum assured. It stays flat up to age 30 and then rises gently. For ₹1 lakh cover, the calculator shows:
| Age | 9 years | 12 years | 15 years |
|---|---|---|---|
| Up to 30 | ₹72,357 | ₹74,213 | ₹77,400 |
| 40 | ₹72,906 | ₹74,866 | ₹78,185 |
| 50 | ₹74,486 | ₹76,478 | ₹79,880 |
These are before tax and before the high sum assured rebate, so a big policy may have cost a little less.
Worked example: a 45-year-old buys ₹2,00,000 cover for 15 years.
- Single premium: about ₹1,57,850
- Money back: ₹30,000 at years 3, 6, 9 and 12, which is ₹1,20,000
- Maturity at 60: ₹1,57,850 refund + ₹15,000 assumed loyalty addition = ₹1,72,850
- Total received: ₹2,92,850, an estimated return of about 5.6% a year
Tip: the guaranteed return alone (loyalty addition set to 0) is about 4.7% a year on a 9-year policy at age 30. Any loyalty addition LIC declares is a bonus on top.
Maturity benefit
At the end of the term you get the single premium back (excluding taxes and extra premium) plus the loyalty addition, if LIC declares one. The earlier money back payments are not deducted.
Death benefit
- Within the first 5 years: the basic sum assured.
- After 5 years: the basic sum assured plus loyalty addition, if any.
Survival benefits already received are not subtracted, so a family can receive the full cover even after collecting two or three money back instalments.
Loan and surrender
A loan is available against the policy, up to a share of the surrender value. The policy can also be surrendered; early surrender usually returns less than the premium. Use our surrender value calculator for a rough estimate.
Tax treatment
Because the premium is far above 10% of the sum assured, money back and maturity payouts generally do not get the Section 11 read with Schedule II of the Income-tax Act, 2025 (earlier Section 10(10D)) exemption; the income part is taxable and may attract TDS. The Section 123 of the Income-tax Act, 2025 (earlier Section 80C) deduction was limited to 10% of the sum assured. Death claims are tax-free.
New Bima Bachat 816 vs 916
Plan 916 kept the same terms, money back pattern and premium refund. It changed the rates, introduced a percentage rebate on larger covers and set the death cover at the higher of sum assured or 125% of the single premium. Compare both with our money back policy calculator.
How to use this calculator
- Enter age and pick the term.
- Enter the sum assured.
- Choose a loyalty addition assumption.
- Review the premium, the payout table, maturity value and IRR. All results are estimates.
Frequently asked questions
Can I still buy LIC New Bima Bachat 816?
No. Plan 816 was withdrawn in early 2020 and replaced by New Bima Bachat 916 from 1 February 2020. Existing 816 policies continue with all money back, maturity and death benefits unchanged.
What are the money back years in New Bima Bachat 816?
LIC pays 15% of the basic sum assured at the end of every third year: years 3 and 6 on a 9-year policy, years 3, 6 and 9 on a 12-year policy, and years 3, 6, 9 and 12 on a 15-year policy.
What is the maturity value of New Bima Bachat 816?
On maturity LIC pays back the single premium (excluding taxes) plus the loyalty addition, if declared. For ₹1 lakh cover on 9 years at age 30, the guaranteed part is about ₹72,357 after ₹30,000 of money back already received.
What is the death benefit in Plan 816?
If death occurs in the first five policy years, the nominee receives the basic sum assured. After five years, the sum assured plus any loyalty addition is paid. Money back instalments already paid are not deducted.
What is the minimum sum assured for New Bima Bachat 816?
It is ₹35,000 for the 9-year term, ₹50,000 for 12 years and ₹70,000 for 15 years. There is no maximum limit. Larger covers received a high sum assured rebate on the premium.
Are New Bima Bachat 816 payouts taxable?
The single premium is roughly 72–80% of the sum assured, far above the 10% limit in Schedule II (earlier Section 10(10D)). So money back and maturity amounts are generally taxable to the extent of income. The death benefit is tax-free.
Disclaimer: LIC Premium Calculators is an independent website. We are not affiliated with, endorsed by or connected to Life Insurance Corporation of India. All figures are estimates for illustration; confirm exact premiums and benefits with LIC or a licensed agent before buying.