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LIC's New Bima Bachat (Plan No. 816)

816 - Bima Bachat


LIC's New Bima Bachat (Plan No. 816) is a single premium money back type plan where single premium paid under the policy shall be paid back to the policyholder along with loyalty additions, if any, on maturity. In addition, the survival benefit installments are payable on survival of the policyholder till the specified durations. The plan also provides for the payment of sum assured in case of death during the term of the policy irrespective of whether or not any survival benefits have been paid earlier.


  • Single premium money back plan.
  • 15% of sum assured are paid at 3rd, 6th, 9th, and 12th year.
  • On maturity will get premium paid with loyalty addition.

Plan Parameters

Age at Entry Minimum 15 years Term 9: max. 66 years
Term 12: max. 63 years
Term 15: max 60 years
Maturity age - Maximum 75 years
Term of the Policy Minimum 9, 12, 15 years -
Sum assured Term 9: min Rs.35,000/-
Term 12: min Rs 50,000
Term 15: min Rs 70,000
No Limit
Thereafter in Multiples of Rs.5,000/- -

Policy Facilities

Assignment Surrender
of Policy
Premium calculation: 
New Bima Bachat Know your premium
Title: First Name: * Middle Name: Last Name:
Date of birth (dd/mm/yyyy):
Age: *
Sum assured *
Policy term:
Premium paying term:
Loyalty rate: Tax set off rate: Tax Exempt limit

(DAB) Double Accident Benefit   Term Rider   Critical Illness Term Rider
No Double Accident Benefit   No term rider   No critical term rider
Rs. Single
Note: Service Tax: 3.09% extra on Premium, as per the Tax laws
and the rate of tax as applicable from time to time.

* Cash Flow, Loan Reinvestment Chart, Medical Underwritting, Yield , Tax Information, Plan Summary will be available on demand while printing reports for registered users only.

To be a member, go to Membership Page It is Free!

Mobile No: +91 Email id:

* Disclaimer :

  • Premiums are indicative.
  • Premium calculations may vary as per Government taxes and any other charges applied by LIC

Plan details


Death Benefits

On death:
» First 5 years: an amount equal to the sum assured shall be payable
After completion of 5 years: Sum assured + loyalty addition if any

Survival Benefits

» IIn case the life assured is surviving to the end of the specified durations the following benefits shall be payable:
    › For policy term 9 years: 15% of the sum assured at the end of each 3rd & 6th policy year
    › For policy term 12 years: 15% of the sum assured at the end of each 3rd, 6th & 9th policy year
    › For policy term 15 years: 15% of the sum assured at the end of each 3rd, 6th, 9th & 12th policy year

Maturity Benefits

» Single premium paid excluding extra premium and taxes along with loyalty additions, if any, shall be payable in case of life assured surviving to the end of the term.


Loyalty additions

This is a participating plan and the policy shall participate in the profits of the corporation’s with-profits assurance business. The policy shall, however not be eligible for reversionary bonuses and shall participate to a share of profits in the form of loyalty addition (one time) only payable on maturity. on the life assured surviving the stipulated date of maturity, the policy may be eligible for payment of loyalty addition, if any, depending upon the experience of the corporation at such rate and on such terms as may be declared by the corporation.


Policy terms and premium paying terms

This policy can issue for terms 9, 12 or 15 years. It means you can choose life insurance coverage period for you 9, 12 or 15 years.

Premium paying terms for this plan are the Single premium. Premium is payable once at the beginning of policy term.


Female Lives category: Allowed Category- I, II, and Category- II
Age Proof: Standard age proof accepted
Accepts non standard age proofs
(NSAP) with guidelines given in
category NSAP-I
Policy proposal form number: 300/340
Dating back: Allowed, interest will be charged
at the rate of 8% p. a.
Actual sum assured: Basic sum assured

Click here to download a specimen copy of the policy document

Click here for proposal check list (pg70)

Commission to agents, corporate agents, brokers

Commission to agents, corporate agents and brokers is payable @ 2% of the single premium received.
No bonus commission will be payable

Policy servicing


Assignment means transfer of rights, title and interest under the policy. When an assignment is executed, all rights, title and interest are immediately transferred to assignee person, who becomes the owner of the policy. read more


Normal procedure for reinsurance will apply.

Surrender Value

When a policyholder wishes to encase his policy due to urgent need of cash he returns back the policy before the expiry of policy period. This is called surrender of policy. Policies can be surrendered any time provided realization of premium cheque.
The guaranteed surrender value is equal to 70 per cent of the single premium paid excluding extra premium paid and the survival benefits paid earlier. Thereafter the guaranteed surrender value is equal to 90 per cent.