Calculator
Term insurance calculator
10–15× income is a slogan. Your family's number is personal.
₹1.04 Cr
additional term cover needed
- Total family need₹1.54 Cr
- Existing cover₹50.00 L
Hover a segment for value + share.
Human-life-value shortcut: expenses × years + loans − assets − cover. Rule of thumb ≈ 10–15× annual income. Buy pure term (no ULIP/endowment mix), claim-settlement ratio above 98%, and cover till retirement — not till 99.
What this calculator answers
A family spending ₹7,20,000 a year, needing support for 20 years, with ₹30,00,000 of loans, ₹20,00,000 of assets and ₹50,00,000 of existing cover needs about ₹1,04,00,000 of additional term cover. Enter the five inputs to see the gap.
How it is calculated
Human-life-value shortcut: total need = (annual expenses × years to support) + loans − liquid assets, and the additional cover needed is that total minus the cover you already hold, floored at zero.
The need is stated in today's rupees with no inflation adjustment, and this calculator sizes cover only — it does not price premiums.
Common questions
Why subtract my assets?
Your savings, EPF and investments would be available to the family, so they reduce the shortfall the policy has to cover. Only genuinely liquid assets should be counted.
Should the cover be inflation-adjusted?
Ideally yes, because a fixed sum buys less in 20 years than it does today. A practical approach is to review the cover every few years as income and loans change.
Term or an investment-linked policy?
Term insurance is the cheapest way to buy pure protection. ULIPs and endowment plans mix insurance with an investment that is usually more expensive on both counts.
Source & freshness
- Source
- Deterministic formula in lib/calculators.ts
- Timeliness
- Static-verified
- Method
- calculated
- Note
- Illustrative projection from your inputs — not a market quote.