Shriram New Shri Vidya Calculator

Shriram New Shri Vidya Calculator

Shriram New Shri Vidya Plan is a participating (with-profits), regular premium child-education money-back plan from Shriram Life Insurance (UIN 128N051V03). Its defining feature is that it returns 25% of the Sum Assured in each of the last four Policy Years, timed to line up with a child's higher-education milestones, while the plan also earns a yearly Simple Reversionary Bonus and - if it runs the full term - a one-time Terminal Bonus. This calculator projects your premiums, the money-back payout schedule, accrued bonuses, and the resulting death benefit.

How the Benefit Is Calculated

Annual Premium

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

The Tabular Rate (₹ per ₹1,000 of Sum Assured) combines a savings component - larger than a pure protection plan, since the full Sum Assured is eventually returned as money-back - that shrinks as the Policy Term lengthens, with a mortality component that rises with your Age at Entry. Larger policies earn a High Sum Assured Rebate on this rate: 2% for a Sum Assured of ₹5,00,000 and above, and 5% for ₹10,00,000 and above. Premiums are payable for the full Policy Term.

Money-Back Schedule

$$\text{Money-Back (Year } t\text{)} = \begin{cases} 0.25 \times \text{Sum Assured} & \text{if } t > \text{Policy Term} - 4 \\ 0 & \text{otherwise} \end{cases}$$

The plan pays out 25% of the Sum Assured in each of the last four Policy Years, so 100% of the Sum Assured is returned by the end of the term.

Reversionary and Terminal Bonus

$$\text{Accrued Reversionary Bonus (Year } t\text{)} = t \times \frac{\text{Sum Assured}}{1000} \times \text{Bonus Rate}$$

An illustrative Simple Reversionary Bonus rate of ₹40 per ₹1,000 of Sum Assured is credited every completed policy year and accumulates until maturity or earlier death - bonus continues to accrue on the full Sum Assured even after money-back installments begin. If the policy runs its full term, a one-time Terminal Bonus is added: ₹150 per ₹1,000 of Sum Assured for terms of 15-19 years, and ₹300 per ₹1,000 for terms of 20 years or more.

Total Maturity Value

$$\text{Total Maturity Value} = \text{Total Money-Back} + \text{Total Accrued Bonus} + \text{Terminal Bonus}$$

The Total Maturity Value is the full corpus received across the plan's life: the four money-back installments (which together return 100% of the Sum Assured), plus the accumulated Reversionary Bonus, plus the one-time Terminal Bonus paid alongside the final money-back installment.

Death Benefit

If death occurs before maturity, the plan pays the higher of: 10 times the Annual Premium, the Sum Assured plus the (undiscounted) value of any money-back installments not yet paid out, or 105% of premiums paid to date - plus whatever Reversionary Bonus (and Terminal Bonus, if the full term had already elapsed) had accrued by that point. On top of this lump sum, the plan also pays an additional Family Income Benefit: a monthly income equal to 1% of the Sum Assured per year, from the date of death until the end of the Policy Term.

How to Use This Calculator

1. Enter your Age at Entry.
2. Enter the Sum Assured you want returned to your child by the end of the term.
3. Choose the Policy Term - 10, 15, 20, or 25 years.
4. Choose your Premium Payment Mode - Yearly, Half-Yearly, Quarterly, or Monthly.
5. Choose whether to add the Accident Benefit Rider.
6. Submit to see your premium amounts, guaranteed minimum death benefit, monthly family income benefit, total money-back, accrued bonus, terminal bonus, total maturity value, and a year-by-year benefit schedule.

Worked Example

A 32-year-old choosing a Sum Assured of ₹10,00,000 over a 20-year Policy Term, paying Yearly, with no rider:

• High Sum Assured Rebate: 5% (Sum Assured is ₹10,00,000 or more)
• Approx. Annual Premium: around ₹48,050 (illustrative, payable for all 20 years)
• Money-Back: ₹2,50,000 in each of Years 17-20, totalling ₹10,00,000
• Total Accrued Reversionary Bonus at Maturity: ₹8,00,000 (20 years x ₹40 per ₹1,000 x ₹10,00,000 Sum Assured / 1000)
• Terminal Bonus: ₹3,00,000 (20-year term qualifies for the higher rate)
• Total Maturity Value: approximately ₹21,00,000 in all (₹10,00,000 money-back + ₹8,00,000 accrued bonus + ₹3,00,000 terminal bonus)

Important Notes

• Illustrative, not official. The premium rates, bonus rates, and terminal bonus rates used here approximate the general shape of Indian participating money-back child-education plan pricing - they are not a reproduction of Shriram Life Insurance's official rate tables or bonus declarations, which vary by year and are declared at the insurer's discretion.
• Bonuses are not guaranteed. Reversionary and Terminal Bonuses depend on the insurer's actual investment and mortality experience each year - past or assumed rates are not a promise of future bonus declarations.
• Rider premiums are indicative and illustrated only for the Accident Benefit Rider; the plan also offers a Shriram Extra Insurance Cover Rider and a Shriram Life Critical Illness Plus Rider, not modeled here.
• The Family Income Benefit is modeled as a simple monthly percentage of the Sum Assured and does not account for the specific payout mechanics or conditions in the official policy wording.
• Tax benefits may be available on premiums under Section 80C and on the maturity/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 New Shri Vidya Plan policy document and benefit illustration before making any purchase decision.