Formula
P = (T − R) × S / 1000
T = A / (ä × (1 − λ))
M = (T + L) × S / 1000
P × Σt=0k−1 (1 + r)−t = Σt Ct (1 + r)−t + M (1 + r)−n
where
- P
- single premium
- T
- tabular premium per ₹1,000 of sum assured, for your age, term and premium paying term
- R
- high sum assured rebate, ₹ per ₹1,000, from this plan's table (nil on smaller policies)
- S
- Basic Sum Assured
- A
- present value, per ₹1,000 of sum assured, of everything the policy pays: death cover, survival benefits and maturity
- ä
- 1, since the premium is paid once, at the start
- λ
- expense loading, 5%
- M
- maturity amount: the single premium returned, plus the loyalty addition
- L
- loyalty addition, ₹ per ₹1,000 of sum assured
- Ct
- survival benefit, 15% of S every 3 years
- r
- annualised return: the rate that makes both sides equal
- n
- policy term, in years
- k
- 1, the single premium
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.
Worked example: at 30, ₹5,00,000 of cover over 12 years costs ₹3,88,500 as a single premium and is projected to pay ₹4,59,500 at maturity, a return of 6.00% a year.
What is 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
Which New Bima Bachat term should you pick?
The term is the choice that moves everything else, and the brochure lists the options without ever setting them beside each other. Here they are at age 30 on ₹5,00,000 of cover, so the rows differ only by the term and the premium term that goes with it.
| Policy term | You pay for | Premium a year | Total paid in | Projected maturity | Return a year |
|---|---|---|---|---|---|
| 9 years | 1 years | ₹3,41,610 | ₹3,41,610 | ₹3,77,610 | 5.91% |
| 12 years | 1 years | ₹3,88,500 | ₹3,88,500 | ₹4,59,500 | 6.00% |
| 15 years | 1 years | ₹4,15,540 | ₹4,15,540 | ₹5,29,040 | 6.06% |
The gap between the first two columns is how long the cover runs on after the last premium: 8, 11, 14 years, in the order above.
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
We checked the plan number and UIN above against LIC's own page for this plan on 2026-09-07. Check it on licindia.in
What are the benefits of LIC New Bima Bachat?
What does LIC New Bima Bachat pay on death?
Sum Assured on Death, meaning the higher of the Basic Sum Assured and 1.25 times the single premium, excluding taxes and rider premium, with no deduction for survival benefits already paid. The Loyalty Addition is added once five policy years are complete.
What do you get at maturity?
The single premium paid (excluding taxes and extras) returned in full, plus a Loyalty Addition depending on the term and LIC's experience.
Who is LIC New Bima Bachat for?
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 should you 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, so check the total returns figure in the result, not just the maturity line.
What does LIC New Bima Bachat cost?
Worked out on a 12-year term with premiums paid for 1 year. Change any of these in the calculator above for your own figures.
By sum assured, at age 30
| Sum assured | Premium a year | Total paid in | Projected maturity |
|---|---|---|---|
| ₹5,00,000 | ₹3,88,500 | ₹3,88,500 | ₹4,59,500 |
| ₹10,00,000 | ₹7,77,000 | ₹7,77,000 | ₹9,19,000 |
| ₹25,00,000 | ₹19,42,500 | ₹19,42,500 | ₹22,97,500 |
Premiums are modelled on this plan's own tabular rates. The additions on this plan are contractual rather than declared, so unlike a with-profits plan the figure does not rest on a bonus declaration.
By age, on ₹5,00,000 of cover
Sum assured moves the premium almost in a straight line, so the table above is easy to read across. Age does not, and it is the input people most often want to test before filling anything in.
| Age at entry | Premium a year | Total paid in | Projected maturity | Age when it pays |
|---|---|---|---|---|
| 25 years | ₹3,88,410 | ₹3,88,410 | ₹4,59,410 | 37 |
| 30 years | ₹3,88,500 | ₹3,88,500 | ₹4,59,500 | 42 |
| 40 years | ₹3,89,444 | ₹3,89,444 | ₹4,60,444 | 52 |
| 50 years | ₹3,93,084 | ₹3,93,084 | ₹4,64,084 | 62 |
The premium barely moves across the rows. Mortality is a small part of a savings premium and the savings part is the same at any age. What age changes is the last column: when the money arrives, and how old you are when it does.
Where the maturity figure comes from
Taken apart, on the ₹5,00,000 policy in the first table. Every line is contractual on this plan: the additions are written into the policy at a stated rate rather than declared each year, so none of this depends on how LIC's investments do.
- Basic sum assured (guaranteed)
- ₹3,94,500
- Loyalty addition
- ₹65,000
- Paid at maturity
- ₹4,59,500
- Income paid before then, 3 payments of ₹75,000 from year 3
- ₹2,25,000
- Return a year on the premiums
- 6.00%
When does LIC New Bima Bachat pay for itself?
The grey line is what you have paid in by each policy year. The yellow line is what the policy has paid back by then. They cross in year 12, which is the point the policy has returned everything it cost.
That return counts everything the policy pays back, income included, against everything you put in, after the cost of the life cover it carried for 12 years. It is not a market return. On this plan the figures behind it are contractual, so it moves only with the age and term you enter.
Who can take LIC New Bima Bachat?
Age to start
- Minimum
- 15 years
- Maximum
- 66 years
Policy term
- Terms sold
- 9, 12 or 15 years
Age when the policy matures
- Maximum
- 81 years
Your age at entry plus the policy term cannot come to more than 81.
Years you pay for
- Premium paying term
- One single premium
Sum assured
- Minimum
- ₹1,00,000
- Maximum
- No limit set by LIC
LIC caps this by what underwriting allows rather than with a printed figure. This calculator accepts up to ₹5 Crore.
The calculator applies every limit above. LIC sets them out under "Eligibility Conditions and Other Restrictions" on page 3 of the New Bima Bachat sales brochure, linked in the form above.
Tax on LIC New Bima Bachat
Two provisions do the work, and both turn on the size of the premium rather than on the plan. The Income-tax Act, 2025 renumbered both from 1 April 2026 without changing the rules, so each is given here under its old number and its new one.
Section 80C, now Section 123, on what you pay in
Premiums count towards the ₹1.5 lakh limit, in the year they are paid, if you are on the old regime. The deduction is restricted where the annual premium is more than 10% of the sum assured.
Section 10(10D), now Schedule II, on what comes back
Maturity proceeds are exempt where the premium in every year stays inside 10% of the sum assured, and, for a policy issued on or after 1 April 2023, where the premiums on all such policies together stay inside ₹5 lakh a year. Death proceeds are exempt either way.
Where this policy sits
The ₹5,00,000 policy priced above costs ₹3,88,500 a year, which is 77.7% of the sum assured. That is above the 10% test, so both provisions are restricted for it. A larger sum assured moves the ratio down.
GST
Nil. Individual life insurance premiums have been exempt since 22 September 2025, so the instalment the calculator shows is the amount that leaves your account.
None of this is tax advice. Which regime you are on, what else you hold and when the policy was issued all change the answer, so confirm your own position with a tax adviser before you rely on it.
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, meaning the death benefit in each policy year, every survival payout and the maturity value, then 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
- 6.43% 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
How LIC New Bima Bachat compares
The plans people weigh this one against, and what separates each from it.
| Plan | Policy term | You pay for | Cover from | What is different |
|---|---|---|---|---|
| New Bima BachatNo. 916 · this page | 9, 12, 15 years | One premium | ₹1 Lakh | One single premium, money back every three years, and the premium returned at the end. |
| Single Premium Endowment PlanNo. 717 | 10 to 25 years | One premium | ₹1 Lakh | Pay once, stay covered, collect the sum assured plus bonuses at the end. |
| New Money Back Plan - 20 YearsNo. 720 | 20 years | 15 years | ₹2 Lakh | 20% of the sum assured back in years 5, 10 and 15, and the rest at maturity. |
| Jeevan Akshay-VIINo. 857 | Not applicable | One premium | ₹1 Lakh | Hand over a lump sum, start drawing a guaranteed income immediately, for life. |
| Dhan RekhaNo. 863 | 20, 30, 40 years | 10, 15, 20 years | ₹2 Lakh | Non-participating money back: payouts keyed to the term, guaranteed additions from year six, and the full sum assured at maturity. |
To price several of these against each other on the same age and sum assured, the LIC premium calculator runs every plan on the site through the same engine and puts the answers in one table.
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, because 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.
Spot something wrong?
If a figure on this page disagrees with an LIC premium notice, bonus statement or benefit illustration, tell us and we will check it against the brochure. Anything else you think this page gets wrong is just as welcome.
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.
Open calculatorNew Money Back Plan - 20 Years
No. 72020% of the sum assured back in years 5, 10 and 15, and the rest at maturity.
Open calculatorJeevan Akshay-VII
No. 857Hand over a lump sum, start drawing a guaranteed income immediately, for life.
Open calculatorDhan Rekha
No. 863Non-participating money back: payouts keyed to the term, guaranteed additions from year six, and the full sum assured at maturity.
Open calculator