Enter your income, what your family spends, your loans and goals to see how much term insurance cover to buy, next to your human life value and the 10–15 times income rule of thumb.
Cover usually runs until then
₹
₹
Your own share of spending, which your family wouldn't need
₹
What they'd need to live on without you
Until your youngest is independent, or longer for a spouse
Loans, goals, existing cover and savings
₹
Home loan and other debts
₹
Children's education, marriage, in today's money
₹
Term plans, employer group cover
₹
That your family could use
Income growth, inflation and return
%
%
%
What the cover could earn once invested
Term cover to buy
₹1.5 crore
Human life value
₹2.09 crore
Family's expenses, today's value
₹1.39 crore
Already there (cover + savings)
₹0
Need before rounding
₹1.39 crore
Rule of thumb (10–15 × income)
₹1.2 crore–1.8 crore
Needs method
Family's expenses for 30 years (today's value)
₹1,39,06,960
Loans to clear
₹0
Goals
₹0
Less cover and savings you have
₹0
Cover you need
₹1,39,06,960
Human life value: ₹9,00,000 a year (your income less what you spend on yourself), rising 6% a year for 30 years until you retire, is worth ₹2,08,60,440 today at 8%.
Cover is usually sold in round amounts, so the need is rounded up to the next ₹25 lakh. Buy cover until at least your retirement age, 60.
Premiums depend on your age, health, smoking and the insurer; compare quotes for the cover above.
An estimate to help you choose an amount, not advice. Every amount runs in your browser.
How to use the term insurance calculator
Enter your age, the age you expect to retire, your income and what you spend on yourself each year.
Enter your family's yearly expenses and for how many years they'd need them.
Add loans to clear, goals like education, and the cover and savings you already have.
Read the cover to buy, rounded up to the next ₹25 lakh, with your human life value and the rule of thumb to compare.
Worked example
A 30-year-old earns ₹12 lakh a year, spends ₹3 lakh on themselves and plans to retire at 60. Their family spends ₹6 lakh a year; over 30 years, rising 6% a year and invested at 8%, that's worth ₹1,39,06,960 today. Adding a ₹30 lakh home loan and ₹40 lakh of goals, and taking off ₹50 lakh of existing cover and ₹10 lakh of savings, they need ₹1,49,06,960: ₹1.5 crore of cover. Their human life value is ₹2.09 crore and the rule of thumb gives ₹1.2–1.8 crore.
Human life value: (income − your own spending), rising each year until you retire, at today's value
Today's value of C a year growing at g for n years at return d: C × (1 − ((1 + g) ÷ (1 + d))ⁿ) ÷ (d − g) × (1 + d)
Rule of thumb: 10 to 15 times your yearly income
Methods: the needs and human life value approaches used in financial planning. Everything runs in your browser.
Frequently asked questions
How much term insurance cover do I need?
Enough for your family to keep living as they do, clear your loans and meet goals like your children's education, less the cover and savings they'd already have. A 30-year-old whose family spends ₹6 lakh a year would need about ₹1.39 crore for 30 years of those expenses at today's value (rising 6% a year, invested at 8%); rounded up, about ₹1.5 crore.
What is human life value?
What your earnings are worth to your family: the income you'd bring in until retirement, less what you spend on yourself, at today's value. On ₹12 lakh a year with ₹3 lakh on yourself, rising 6% a year for 30 years and valued at 8%, it's about ₹2.09 crore. It's an upper guide; many people buy cover between their needs and their human life value.
Is 10 times my income enough?
It's a common rule of thumb, often given as 10 to 15 times your yearly income, but it ignores your loans, goals, savings and how long your family would need support. Use it as a check against the needs figure, not instead of it.
Until what age should term cover run?
At least until you retire, when your family stops depending on your income, and until your loans are paid off. Cover that runs much longer costs more for little extra protection if your savings will support your family by then.
Should I count my employer's group cover?
You can, but it usually ends when you leave the job, so many people count it only partly or not at all. Enter only the cover you're sure your family will have.
How much does term insurance cost?
Premiums depend on your age, health, whether you smoke, the cover amount and term, and the insurer. This calculator doesn't quote premiums; compare insurers' quotes for the cover it suggests.
