In short (tl;dr)
New Bima Bachat takes a single premium, returns 15% of the sum assured every three years, and gives the single premium back at maturity with a loyalty addition.
About LIC New Bima Bachat
New Bima Bachat (Plan 916) is a single premium money back policy over 9, 12 or 15 years. Every third policy year it pays 15% of the Basic Sum Assured as a survival benefit. At maturity it returns the single premium you paid, plus a Loyalty Addition if the term is long enough to earn one.
So over a 15-year policy on a ₹5 lakh sum assured, you receive ₹75,000 in each of years 3, 6, 9 and 12 — ₹3 lakh in total — and then the whole single premium back at the end, plus loyalty. The survival benefits are, in effect, the return on the money; the capital comes home intact.
Throughout the term the full sum assured remains payable on death, without any deduction for survival benefits already taken. Loans are available after one year, which makes it more liquid than most LIC savings contracts.
Key features
- Single premium — no renewals to track
- 15% of the sum assured paid every three years
- Single premium returned at maturity, plus a Loyalty Addition
- Terms of 9, 12 or 15 years; entry age up to 66
- Loan available after one policy year
New Bima Bachat at a glance
- Plan number
- 916
- Category
- Money Back
- Entry age
- 15 to 66 years
- Policy term
- 9, 12, 15 years
- Premium paying term
- Single premium
- Sum assured
- ₹1 Lakh and above
- Maximum maturity age
- 81 years
- UIN
- 512N284V02
LIC publishes a page for this plan. It does not state the plan number or UIN on the page itself, so treat those two rows here as unconfirmed. Check it on licindia.in
Benefits under New Bima Bachat
Death benefit
The Basic Sum Assured plus the Loyalty Addition, if any, with no deduction for survival benefits already paid.
Maturity benefit
The single premium paid (excluding taxes and extras) returned in full, plus a Loyalty Addition depending on the term and LIC's experience.
Who it suits
A retiree or near-retiree with a lump sum who wants periodic income, capital back at a known date, and life cover along the way.
What to watch out for
The maturity benefit is a return of your own single premium, not a multiple of it. The real return is the survival benefits plus the loyalty addition — check the total returns figure in the result, not just the maturity line.
How this calculator works
New Bima Bachat is priced here on its own parameters, not a generic formula. We build the plan's full cash-flow schedule — the death benefit in each policy year, every survival payout, and the maturity value — and discount it on a basis calibrated to a reference premium for this plan. That reference is checked two ways: against LIC's published tabular rate, and against the return the plan's own benefits imply for the policyholder.
- Reference premium
- ₹789.00 per ₹1,000 at age 30, 12-year term, 1-year premium term
- Discount basis
- 7.14% a year, on LIC (2012-14) Ultimate mortality
- GST
- Nil. Individual life insurance premiums have been exempt from GST since 22 September 2025, so the instalments shown are what you actually pay.
Bonus rates are declared annually and are not guaranteed; only the sum assured and any contractual guaranteed additions are. Read our editorial and methodology policyfor the full basis, and confirm every figure with LIC before you buy.
Check the source:New Bima Bachat on licindia.inLIC valuation and bonus declarationsIRDAI regulations
LIC New Bima Bachat — frequently asked questions
What do I get back in New Bima Bachat?
15% of the sum assured at the end of every third policy year, and at maturity the single premium you originally paid plus a Loyalty Addition. A 15-year policy pays the survival benefit four times, in years 3, 6, 9 and 12.
Is the maturity benefit of Bima Bachat just my own money back?
The maturity benefit is the return of the single premium, yes. Your return comes from the survival benefits paid every three years and the Loyalty Addition on top of the returned premium. Look at the total returns figure to judge the plan.
What is the maximum entry age for New Bima Bachat?
66 years for the 9-year term, 63 for 12 years and 60 for 15 years — the maturity age cannot exceed 75.
Can I take a loan against New Bima Bachat?
Yes, after one policy year. That is much earlier than the three years required on regular premium plans, and is one of the plan's real advantages.
Related calculators
Plans people usually weigh up against New Bima Bachat before deciding.
Single Premium Endowment Plan
No. 717Pay once, stay covered, collect the sum assured plus bonuses at the end.
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No. 72020% of the sum assured back in years 5, 10 and 15, and the rest at maturity.
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No. 857Hand over a lump sum, start drawing a guaranteed income immediately, for life.
Open calculatorDhan Rekha
No. 863Non-participating money back with guaranteed additions and a doubled death benefit at the end.
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