diff --git a/charts/opensearch/CHANGELOG.md b/charts/opensearch/CHANGELOG.md
index 3a6cd3e7..7ef1dac9 100644
--- a/charts/opensearch/CHANGELOG.md
+++ b/charts/opensearch/CHANGELOG.md
@@ -13,6 +13,15 @@ and this project adheres to [Semantic Versioning](https://semver.org/spec/v2.0.0
 ### Fixed
 ### Security
 ---
+## [2.16.1]
+### Added
+### Changed
+### Deprecated
+### Removed
+### Fixed
+- Fixed missing lifecycle parameter in README for opensearch chart
+### Security
+---
 ## [2.16.0]
 ### Added
 - Updated OpenSearch appVersion to 2.11.0
diff --git a/charts/opensearch/Chart.yaml b/charts/opensearch/Chart.yaml
index eede1101..28dadfe7 100644
--- a/charts/opensearch/Chart.yaml
+++ b/charts/opensearch/Chart.yaml
@@ -15,7 +15,7 @@ type: application
 # This is the chart version. This version number should be incremented each time you make changes
 # to the chart and its templates, including the app version.
 # Versions are expected to follow Semantic Versioning (https://semver.org/)
-version: 2.16.0
+version: 2.16.1
 
 # This is the version number of the application being deployed. This version number should be
 # incremented each time you make changes to the application. Versions are not expected to
diff --git a/charts/opensearch/README.md b/charts/opensearch/README.md
index bccc1eaf..29f994f1 100644
--- a/charts/opensearch/README.md
+++ b/charts/opensearch/README.md
@@ -119,7 +119,8 @@ helm uninstall my-release
 | `startupProbe`                      | Configuration fields for the startup [probe][]                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | see [exampleStartup][] in `values.yaml`                                                                         |
 | `plugins.enabled`                   | Allow/disallow to add 3rd Party / Custom plugins not offered in the default OpenSearchDashboards image                                                                                                                                                                                                                                                                                                                                                                                                                             | false                                                                                                           |
 | `plugins.installList`               | Array containing the Opensearch Dashboards plugins to be installed in container                                                                                                                                                                                                                                                                                                                                                                                                                                                    | \[]                                                                                                             |
-| `opensearchLifecycle`               | Allows you to configure lifecycle hooks for the OpenSearch container in the StatefulSet                                                                                                                                                                                                                                                                                                                                                                                                                                            | {}                                                                                                              |
+| `opensearchLifecycle`               | Allows you to configure lifecycle hooks for the OpenSearch container in the StatefulSet                                                                                                                                                                                                                                                                                                                                                                                                                                            | {}                                                                                                             |
+| `lifecycle`                         | Allows you to configure lifecycle hooks for the OpenSearch container in the StatefulSet                                                                                                                                                                                                                                                                                                                                                                                                                                            | {}                                                                                                              |
 | `openSearchAnnotations`             | Allows you to configure custom annotation in the StatefullSet of the OpenSearch container                                                                                                                                                                                                                                                                                                                                                                                                                                          | {}                                                                                                              |
 
 [anti-affinity]: https://kubernetes.io/docs/concepts/configuration/assign-pod-node/#affinity-and-anti-affinity