Term Insurance Calculator
Calculate the right life insurance coverage for your family
Enter Your Details
Provide your financial information to calculate coverage
Home loan, car loan, personal loans, etc.
Savings, investments, property value, etc.
Spouse, children, parents who depend on your income
How Do Term Insurance Calculators Work?
Term insurance calculators help you determine adequate life coverage by calculating based on your income, debts, assets, dependents, and years until retirement. Here's a step-by-step explanation:
Enter Your Financial Details
Input your annual income, current age, retirement age, outstanding debts, existing assets, and number of dependents. These factors determine how much coverage you need to protect your family's financial future.
Calculate Required Coverage
The calculator uses the Human Life Value (HLV) method: Coverage = (Annual Income × Years until Retirement) + Outstanding Debts - Existing Assets. This ensures your family can maintain their lifestyle and meet financial obligations even in your absence.
Review and Purchase
Compare the recommended coverage (typically 10-15 times your annual income) with your existing policies. Term insurance provides pure life cover at affordable premiums, especially when purchased at a young age. Ensure you have adequate coverage to protect your family's financial security.
Understanding Your Term Insurance Calculation
Learn how term insurance calculations work
Understanding Term Insurance Coverage
Term insurance provides pure life cover at affordable premiums. It protects your family's financial future by providing a lump sum amount in case of your untimely demise during the policy term.
Key Points:
- •Term insurance provides pure life cover - no maturity benefit
- •Premiums are affordable, especially when purchased at a young age
- •Coverage should be 10-15 times your annual income
- •Term insurance is essential for anyone with financial dependents
- •Premiums are tax-deductible under Section 80C
Frequently Asked Questions
Common questions about term insurance
Disclaimer
These calculators are for estimation and educational purposes only. For personalized financial advice, please consult a qualified financial advisor or chartered accountant.
All calculations are based on standard formulas and current tax laws. Actual results may vary based on individual circumstances and applicable regulations.
How Much Term Insurance Cover Do You Really Need?
Choosing the right amount of term insurance cover is one of the most important financial decisions for an earning individual. Many people either buy too little coverage to save premium or choose an arbitrary amount without proper calculation.
Term Insurance vs Whole Life Insurance: What's Better?
When buying life insurance, people often struggle to choose between term insurance and whole life insurance. Both serve different purposes, and understanding their differences helps you choose the option that suits your financial goals.
Best Age to Buy Term Insurance in India
The age at which you buy term insurance plays a major role in determining premium cost and coverage benefits. Buying at the right time can significantly reduce long-term costs.