Shriram Life Family Protection Plan Calculator

Shriram Life Family Protection Plan Calculator

Shriram Life Family Protection Plan is a joint-life term protection plan designed to cover you and your spouse together under a single policy, rather than buying two separate individual term plans. Alongside the joint death cover, the plan offers an optional Family Income Benefit (FIB) rider that pays the surviving family a monthly income for a chosen number of years after a claim, on top of the lump-sum Sum Assured - helping replace the household's regular income rather than leaving dependants with only a one-time payout. This calculator estimates your combined premium (including GST), the monthly and total Family Income Benefit payout, and how your joint cover behaves over the Policy Term.

How the Benefit Is Calculated

Joint-Life Base Premium

Each life is priced individually using a mortality-based Tabular Rate that rises with age, adjusts for gender, and loads for smoking status. Because the second life is medically underwritten alongside the first under one policy, it earns a Second Life Discount:

$$\text{Joint-Life Premium} = \frac{\text{Family Sum Assured}}{1000} \times \Big(\text{Rate}_{\text{self}} + \text{Rate}_{\text{spouse}} \times 0.85\Big) \times (1 - \text{Rebate})$$

Larger policies earn a High Sum Assured Rebate: 2% for a Family Sum Assured of ₹50,00,000 and above, 5% for ₹1,00,00,000 and above.

Family Income Benefit (FIB) Rider

If you choose an Income Benefit Period greater than zero, the plan pays a monthly income equal to 0.5% of the Family Sum Assured for that many years after a claim, in addition to the lump-sum death benefit:

$$\text{Monthly Income Benefit} = \text{Family Sum Assured} \times 0.5\%$$ $$\text{Total Income Benefit Payout} = \text{Monthly Income Benefit} \times 12 \times \text{Income Benefit Years}$$

The rider premium is loaded proportionally to how many years of income are selected (out of a maximum 15-year benefit period):

$$\text{FIB Annual Premium} = \frac{\text{Family Sum Assured}}{1000} \times 0.15 \times \frac{\text{Income Benefit Years}}{15}$$

Goods and Services Tax (GST)

$$\text{Total Annual Premium (with GST)} = \big(\text{Joint-Life Premium} + \text{FIB Annual Premium}\big) \times (1 + 18\%)$$

Premium Payment Mode

Choosing Half-Yearly, Quarterly, or Monthly instead of Yearly applies a small loading per installment (to offset the insurer's cost of collecting premiums more frequently), so the total paid across a year is slightly higher than paying once annually.

No Maturity Benefit

This is a pure protection plan: the Family Sum Assured stays level for the full Policy Term, and if both lives survive to the end of the term, the policy simply ends with no maturity payout - the entire premium funds protection, not savings.

How to Use This Calculator

1. Enter Your Age and Your Gender.
2. Enter your Spouse's Age and Spouse's Gender.
3. Choose the household's Smoking Status.
4. Enter the Family Sum Assured you want covered.
5. Choose the Policy Term.
6. Choose the Family Income Benefit Period - 0 years for none, or 5, 10, or 15 years of monthly income after a claim.
7. Choose your Premium Payment Mode.
8. Submit to see your combined GST-inclusive premium, the monthly and total Family Income Benefit payout, and the joint cover schedule.

Worked Example

A 32-year-old non-smoking male and his 30-year-old non-smoking spouse, choosing a Family Sum Assured of ₹75,00,000 over a 20-year Policy Term with a 10-year Family Income Benefit period, paying Yearly:

• Joint-Life Annual Premium (before GST): around ₹19,300 (illustrative)
• Family Income Benefit Annual Premium (before GST): around ₹750
• Total Annual Premium (with GST): around ₹23,700
• Monthly Family Income Benefit: ₹37,500 for 10 years after a claim
• Total Family Income Benefit Payout: ₹45,00,000, in addition to the ₹75,00,000 lump-sum Family Sum Assured

Important Notes

• Illustrative, not official. The premium rates, gender/smoker loadings, Second Life Discount, and Family Income Benefit pricing used here approximate the general shape of Indian joint-life term insurance pricing - they are not a reproduction of Shriram Life Insurance's official rate tables, which vary by underwriting, medical tests, and other factors, and are set at the insurer's discretion.
• Tax benefits may be available on premiums under Section 80C and on the death/income benefit under Section 10(10D) of the Income Tax Act, subject to conditions in force at the time.
• This calculator is for educational illustration only and does not constitute financial or insurance advice. Refer to the official Shriram Life Family Protection Plan policy document and benefit illustration before making any purchase decision.