Shriram Comprehensive Cancer Care Plan Calculator

Shriram Comprehensive Cancer Care Plan Calculator

Shriram Life's Comprehensive Cancer Care Plan is a standalone health/critical-illness style policy that pays a lump sum on the diagnosis of cancer, rather than reimbursing hospital bills. It splits cover into two stages so a policyholder gets money early, when treatment costs (and loss of income) start, instead of waiting until the disease has progressed:

• Early-Stage Benefit - a one-time lump sum, typically a fraction of the Sum Insured, paid on the first diagnosis of an early/in-situ stage cancer.
• Major-Stage Benefit - the full Sum Insured, paid on diagnosis of an invasive/major stage cancer. If an Early-Stage Benefit was already paid, the Major-Stage payout is reduced by that amount, since the two benefits share the same Sum Insured.

Both benefits are subject to a one-time initial waiting period from the policy start date (claims arising within this window are not payable) and a survival period after diagnosis (the insured must survive this many days after diagnosis for the claim to be payable) - standard safeguards on critical-illness-style covers.

This calculator estimates the premium Shriram Life would charge for a given Age at Entry, Sum Insured, Policy Term, premium payment frequency, and smoking status, and shows the lump-sum benefits payable at each stage, along with a year-by-year premium schedule.

How the premium is calculated

The plan is pure protection (risk) cover with no savings or bonus component, so the annual premium is simply a mortality/morbidity rate per ₹1,000 of Sum Insured, scaled up for smokers, and then loaded per premium mode:

$$\text{Base Rate} = 0.9 + (0.045 \times \text{Age at Entry})\ \text{(₹ per ₹1,000 Sum Insured)}$$ $$\text{Annual Premium} = \frac{\text{Sum Insured}}{1000} \times \text{Base Rate} \times (1 + \text{Smoker Loading})$$

Smoker Loading is 25% of the base premium for smokers, 0% for non-smokers. The Annual Premium is then converted to the chosen payment mode using a modal loading factor (installments cost slightly more per year than a single yearly payment, to compensate for more frequent collection):

$$\text{Installment Premium} = \text{Annual Premium} \times \text{Mode Factor}$$ $$\text{Total Premium Payable} = \text{Installment Premium} \times \text{Installments per Year} \times \text{Policy Term}$$

How the benefits are calculated

$$\text{Early-Stage Benefit} = 25\% \times \text{Sum Insured}$$ $$\text{Major-Stage Benefit (no prior claim)} = 100\% \times \text{Sum Insured}$$ $$\text{Major-Stage Benefit (after Early-Stage claim)} = \text{Sum Insured} - \text{Early-Stage Benefit}$$

Both benefits become payable only after the 90-day initial waiting period from the policy start date, and only if the insured survives 30 days from the date of diagnosis.

How to use this calculator

1. Enter your Age at Entry (18-65 years).
2. Enter the Sum Insured you want to cover (₹1,00,000 to ₹1,00,00,000).
3. Choose a Policy Term (10, 15, 20, or 25 years) - entry age plus term cannot exceed age 75.
4. Choose your Premium Payment Mode (Yearly, Half-Yearly, Quarterly, or Monthly).
5. Select whether you are a Smoker, since this loads the premium.
6. Click Calculate to see the annual and installment premium, total premium payable over the term, the Early-Stage and Major-Stage lump-sum benefits, and a schedule of cumulative premiums paid by policy year.

Worked example

A 35-year-old non-smoker buys a ₹20,00,000 Sum Insured policy for a 20-year term, paying yearly:

• Base Rate = 0.9 + (0.045 × 35) = 2.475 per ₹1,000
• Annual Premium = (20,00,000 / 1000) × 2.475 = ₹4,950 (no smoker loading)
• Total Premium Payable over 20 years (yearly mode) = ₹4,950 × 20 = ₹99,000
• Early-Stage Benefit = 25% × ₹20,00,000 = ₹5,00,000
• Major-Stage Benefit (no prior claim) = ₹20,00,000
• Major-Stage Benefit (after an Early-Stage claim) = ₹20,00,000 - ₹5,00,000 = ₹15,00,000

Note: This calculator produces illustrative estimates using approximated rate assumptions for education and planning purposes. It does not reproduce Shriram Life's official premium rate tables or policy wording. Always refer to the official policy brochure and a licensed advisor before purchasing a cancer care plan.