Life Insurance Cover Calculator
Step 1 of your insurance journey: find out how much cover you need. Then head to the Term Insurance Premium Calculator to estimate the cost.
Life insurance replaces your income for the people who depend on it if you are no longer there to earn it. It matters most when someone relies on your salary — a spouse, children, or parents — or when a loan would fall on your family, such as a home loan. A pure term plan pays a lump sum to your nominee if you die during the policy term and nothing if you outlive it, which is why it is usually the cheapest way to buy a large cover.
If nobody depends on your income and you have no debts, you may need little or no cover. Cover offered through an employer is often a multiple of salary and ends when you leave the job, so it rarely settles the question. Use the calculator to reach a starting figure, then test it against your own circumstances.
Your Details
E.g. children's education, marriage, other large future expenses.
Income replacement component: ₹0
This is an estimate, not an offer. The figures above are indicative calculations based on the numbers you entered and a standard rule-of-thumb formula (Human Life Value method). They are not a guarantee of the cover amount any insurer will underwrite.
Worked Examples
Each row uses the calculator's formula: cover needed = outstanding debt + (annual income × age-based multiplier) + future goals − existing savings and cover. The multiplier tapers from 20× at age 25 or below to 10× at 55 or above.
| Stage | Inputs | Multiplier | Income replacement | Estimated cover |
|---|---|---|---|---|
| Early career, age 28 | Income ₹8,00,000; no debt; no goals; savings and cover ₹2,00,000 | 19× | ₹1,52,00,000 | ₹1,50,00,000 |
| Young family, age 35 | Income ₹15,00,000; debt ₹40,00,000; goals ₹50,00,000; savings and cover ₹15,00,000 | 17× | ₹2,55,00,000 | ₹3,30,00,000 |
| Nearing retirement, age 50 | Income ₹25,00,000; debt ₹10,00,000; goals ₹20,00,000; savings and cover ₹1,00,00,000 | 12× | ₹3,00,00,000 | ₹2,30,00,000 |
The first row shows a limitation of the method: it returns a large figure even with no debt, because it assumes dependents rely on your income. If nobody does, your real need may be far lower. The third row shows the opposite effect: by 50, ₹1 crore of existing savings and cover absorbs a large share of the need. Once you have a figure, the Term Insurance Premium Calculator estimates what a policy of that size might cost.
Frequently Asked Questions
What is the Human Life Value method?
It estimates the life cover you need by adding your outstanding debts, an income-replacement amount for your dependents (a multiple of your annual income based on your age), and future goal costs like children’s education — then subtracting savings and cover you already have.
Why does the income multiplier depend on my age?
A younger person has more working years remaining, so replacing their income requires a larger multiple. The multiplier tapers down as you approach retirement age, since fewer years of income need replacing.
What’s the next step after finding my cover amount?
Head to our Term Insurance Premium Calculator to estimate what a policy for this cover amount might cost annually.