LIC New Bima Bachat 916 is a single-premium money back plan launched on 1 February 2020. You pay once, receive 15% of the sum assured every three years, and get your single premium back with any loyalty addition at maturity. For ₹1 lakh cover over 9 years, a 30-year-old pays about ₹68,066 and receives ₹30,000 in money back plus the premium refund.
New Bima Bachat 916 Premium & Payout Calculator
Your estimate
single premium returned + assumed loyalty addition
- High sum assured rebate
- 6.00%
- Money back every 3 years (15% of SA)
- ₹15,000
- Survival benefits (money back)
- ₹30,000
- Total returns
- ₹1,02,566
- Sum assured on deathplus loyalty addition if death is after 5 policy years
- ₹1,00,000
- Approx. return (IRR)
- 5.58%
- Age at maturity
- 39 years
- Single premium₹68,06666%
- Net gain₹34,50034%
Payout schedule
| Years | Age | You get | Received so far |
|---|---|---|---|
| 3 | 33 | ₹15,000 | ₹15,000 |
| 6 | 36 | ₹15,000 | ₹30,000 |
| 9 | 39 | ₹72,566 | ₹1,02,566 |
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 916?
LIC New Bima Bachat Plan 916 is a single-premium money back policy. You pay one lump sum when you buy the policy, and LIC then:
- pays 15% of the sum assured every three years while you are alive,
- returns your single premium, plus any loyalty addition, at the end of the term,
- pays the full sum assured to your nominee if you die during the term, no matter how many money back instalments you have already received.
Plan 916 was launched on 1 February 2020 as the updated version of New Bima Bachat 816. It is with-profit, so it can earn a loyalty addition, but that addition is not guaranteed. LIC no longer sells the plan to new customers.
New Bima Bachat 916 at a glance
| Feature | Details |
|---|---|
| Plan number / UIN | 916 / 512N284V02 |
| Launched | 1 February 2020 |
| Plan type | Single premium, with-profit money back |
| Policy term | 9, 12 or 15 years |
| Entry age | 15 to 50 years |
| Minimum sum assured | ₹35,000 (9 yrs), ₹50,000 (12 yrs), ₹70,000 (15 yrs) |
| Maximum sum assured | No limit |
| Money back | 15% of sum assured every 3 years |
| Maturity | Single premium + loyalty addition |
| Loan | Up to 90% of surrender value |
Eligibility
| Term | Money back years | Minimum sum assured | Age at maturity (max) |
|---|---|---|---|
| 9 years | 3, 6 | ₹35,000 | 59 |
| 12 years | 3, 6, 9 | ₹50,000 | 62 |
| 15 years | 3, 6, 9, 12 | ₹70,000 | 65 |
How the single premium is calculated
The single premium is set per ₹1 lakh of sum assured by age and term. It rises only slowly with age because most of the premium goes into savings rather than life cover. Larger covers get a high sum assured rebate. At ₹1 lakh, that rebate applies on the 9 and 12-year terms but not the 15-year term, which is why the jump between terms looks uneven.
| Age | 9 years | 12 years | 15 years |
|---|---|---|---|
| 20 | ₹67,900 | ₹71,101 | ₹77,213 |
| 30 | ₹68,066 | ₹71,302 | ₹77,475 |
| 40 | ₹68,671 | ₹72,000 | ₹78,303 |
| 50 | ₹69,639 | ₹73,087 | ₹79,548 |
Premiums shown exclude tax. Since every 916 policy was bought before 22 September 2025, when life insurance became GST-exempt, your first premium receipt will also show the GST charged at that time.
Worked example: a 40-year-old buys ₹2,00,000 cover for 12 years.
- Single premium: about ₹1,41,000
- Money back: ₹30,000 each at years 3, 6 and 9, which is ₹90,000 in all
- Maturity at 52: ₹1,41,000 premium refund + ₹12,000 assumed loyalty addition = ₹1,53,000
- Total received: ₹2,43,000, an estimated return of about 5.9% a year
Tip: set the loyalty addition field to 0 to see the guaranteed part alone. In the example above, guaranteed payouts are ₹2,31,000 against ₹1,41,000 paid.
Maturity benefit
On survival to the end of the term, LIC pays back the single premium (excluding taxes and extra premium) together with the loyalty addition, if declared. The money back instalments already paid do not reduce this amount.
Death benefit
The sum assured on death is the higher of the basic sum assured or 125% of the single premium. For almost all ages this equals the basic sum assured, because the premium is only about 66–80% of the cover. After five policy years, any loyalty addition is paid as well.
Loan, surrender and free look
- Loan: up to 90% of the surrender value.
- Surrender: possible at any time; LIC pays the higher of the guaranteed and special surrender value. Early surrender usually returns less than you paid. Check our surrender value calculator.
- Free look: 15 days from receipt of the policy bond.
Tax benefits
For policies issued after 1 April 2012, Section 11 read with Schedule II of the Income-tax Act, 2025 (earlier Section 10(10D)) exempts payouts only if the premium does not exceed 10% of the sum assured. Here it is around 70%, so money back and maturity amounts are generally taxable to the extent of income, and LIC may deduct TDS on that income. The 80C deduction is limited to 10% of the sum assured. Death claims stay tax-free.
Who is it for?
It suits someone with a lump sum who wants guaranteed staged payouts, low risk and some life cover, such as a parent planning school fees every three years. If you mainly want high returns or large life cover, compare other options first, including our money back policy calculator.
New Bima Bachat 916 vs 816
The structure is the same: 9, 12 or 15 years, 15% money back every three years and premium refund at maturity. Plan 916 added a death benefit floor of 125% of the single premium under the 2019 product rules, revised premium rates and a percentage rebate on larger covers.
How to use this calculator
- Enter age (15–50).
- Choose a term of 9, 12 or 15 years.
- Enter the sum assured.
- Keep or change the loyalty addition assumption.
- Read the premium, payout schedule, maturity value and IRR. All figures are estimates.
Frequently asked questions
Is LIC New Bima Bachat 916 still available?
No. LIC has stopped selling Plan 916 to new customers. Existing policies continue to pay money back instalments, the maturity amount and death benefits as promised. For a current single-premium option, look at LIC's Single Premium Endowment Plan 717.
How much money back do I get in New Bima Bachat 916?
LIC pays 15% of the basic sum assured at the end of every third policy year: years 3 and 6 on a 9-year term; 3, 6 and 9 on a 12-year term; and 3, 6, 9 and 12 on a 15-year term. On ₹1 lakh cover that is ₹15,000 each time.
What is the maturity amount of Plan 916?
At maturity LIC returns the single premium you paid (excluding taxes) plus any loyalty addition declared. The money back instalments already paid are not deducted. With a 5-per-thousand-per-year loyalty assumption, ₹1 lakh cover on 9 years matures at about ₹72,566.
What is the death benefit in New Bima Bachat 916?
The nominee receives the sum assured on death, which is the higher of the basic sum assured or 125% of the single premium. If death is after five policy years, loyalty addition is paid as well. Money back instalments already paid are not deducted.
What return does New Bima Bachat 916 give?
Our calculator estimates roughly 5–6% a year. A 30-year-old with ₹1 lakh cover over 12 years pays ₹71,302 and receives ₹1,22,302 in total including an assumed loyalty addition, an IRR of about 5.86%. Without loyalty addition the return is lower.
Can I take a loan against New Bima Bachat 916?
Yes. A loan is available during the policy term, up to 90% of the surrender value. Interest is charged at LIC's prevailing rate, and any outstanding loan is deducted from claim or maturity payments.
Is the maturity of Bima Bachat 916 tax-free?
Usually not fully. The single premium is far above 10% of the sum assured, so the Schedule II (earlier Section 10(10D)) exemption generally does not apply to money back and maturity payouts; the income portion is taxable. The death benefit remains 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.