Shriram Life Flexi Shield Plan Calculator

Shriram Life Flexi Shield Plan Calculator

Shriram Life Flexi Shield Plan is a pure protection term insurance plan built around choice: you pick the shape of your death benefit cover, how long you pay premiums for, and which optional riders to attach, all independently of each other. This calculator projects your premium (including GST), the death benefit under a Level, Increasing, or Decreasing Cover option, and how your total premium payable changes when you choose Regular Pay, a shorter Limited Pay term, or a one-time Single Pay.

How the Benefit Is Calculated

Base Annual Premium

$$\text{Base Annual Premium} = \frac{\text{Sum Assured}}{1000} \times \text{Tabular Rate} \times (1 - \text{Rebate})$$

The Tabular Rate (₹ per ₹1,000 of Sum Assured) combines a mortality component that rises with Age at Entry, a gender adjustment (female lives are priced lower than male lives, actuarially), a smoker loading, and an adjustment for the Cover Option chosen. Larger policies earn a High Sum Assured Rebate: 2% for a Sum Assured of ₹50,00,000 and above, 5% for ₹1,00,00,000 and above.

Cover Option - Level, Increasing, or Decreasing

• Level Cover: the Sum Assured stays fixed for the entire Policy Term.
• Increasing Cover: the Sum Assured steps up by 5% every 5 policy years (capped at 2x the original Sum Assured), carrying a small premium loading to reflect the rising average payout.
• Decreasing Cover: the Sum Assured reduces in a straight line to zero by the end of the Policy Term - similar to a loan-protection term plan - and carries a discount versus Level Cover because the average payout over the term is lower.

$$\text{Decreasing Cover at Year } n = \text{Sum Assured} \times \left(1 - \frac{n}{\text{Policy Term}}\right)$$

Premium Payment Option - Regular, Limited, or Single Pay

The Premium Payment Term does not have to match the Policy Term:

• Regular Pay: premiums are paid every year for the full Policy Term.
• Limited Pay (10 or 15 Years): the same total protection is paid for over a shorter number of years, so each instalment is higher, at a modest discount versus scaling the annual premium up in direct proportion.
• Single Pay: the entire premium is paid once, at policy inception, at a steeper discount reflecting no future collection cost or persistency risk to the insurer.

$$\text{Payable Annual Premium} = \text{Total Annual Premium (With GST)} \times \text{Payment Plan Factor}$$

where the Payment Plan Factor is 1 for Regular Pay, approximately Policy Term ÷ Payment Years × 0.93 for Limited Pay, and approximately Policy Term × 0.55 (applied once, not annually) for Single Pay.

Optional Riders

• Accidental Death Benefit (ADB) Rider: pays an additional lump sum (capped at ₹50,00,000 of rider cover) if death occurs due to an accident, priced at a flat ₹0.50 per ₹1,000 of rider Sum Assured.
• Waiver of Premium (WOP) Rider: waives future premiums on the policyholder's disability, priced per ₹1,000 of the base Sum Assured and rising slightly with Age at Entry.

Rider premiums are added to the Base Annual Premium before GST is applied.

Goods and Services Tax (GST)

$$\text{Total Annual Premium (With GST)} = (\text{Base Annual Premium} + \text{Rider Premium}) \times (1 + 18\%)$$

No Maturity Benefit

If the life assured survives the full Policy Term, the policy simply ends with no payout - riders and the Premium Payment Option only change how and when you pay for the same protection, not the underlying death benefit or the absence of a maturity benefit.

How to Use This Calculator

1. Enter your Age at Entry, Gender, and Smoking Status.
2. Enter the Sum Assured you want covered.
3. Choose the Policy Term.
4. Choose the Cover Option - Level, Increasing, or Decreasing.
5. Choose the Premium Payment Option - Regular Pay, a Limited Pay term, or Single Pay.
6. Choose whether to add the Accidental Death Benefit Rider and/or the Waiver of Premium Rider.
7. Choose your Premium Payment Mode - Yearly, Half-Yearly, Quarterly, or Monthly (ignored for Single Pay).
8. Submit to see your premium breakdown, total premium payable over the payment term, and the death benefit schedule.

Worked Example

A 30-year-old non-smoking male choosing a Sum Assured of ₹50,00,000 over a 20-year Policy Term with Level Cover, Regular Pay, no riders, paying Yearly:

• Base Annual Premium (before riders, GST): around ₹10,094 (illustrative)
• GST (18%): around ₹1,817
• Total Annual Premium (with GST): around ₹11,911
• Total Premium Payable over 20 years: approximately ₹2,38,218
• Death Benefit: a constant ₹50,00,000 throughout the term
• Maturity Benefit: none - if the policyholder survives to the end of the 20-year term, the policy ends with no payout

Switching only the Premium Payment Option to Limited Pay - 10 Years would raise each annual instalment (paid for just 10 years instead of 20) while lowering the total premium paid over the life of the policy versus paying the same higher rate for the full term; choosing Single Pay would replace all instalments with one upfront payment at an even steeper discount.

Important Notes

• Illustrative, not official. The premium rates, gender/smoker loadings, rider pricing, and Payment Plan Factors used here approximate the general shape of Indian flexible 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 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 Flexi Shield Plan policy document and benefit illustration before making any purchase decision.