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Recommended, works out what your family actually needs to live on.
Usually retirement age, or until your children are independent.
term cover, for about 28 years (until age 60)
Assumes 6% inflation and 8% returns on the invested payout.
No black box, here's exactly what the calculator does.
We take your monthly household spending and work out the lump sum needed to fund it until the age you choose, allowing for 6% inflation and 8% returns on the invested payout. This is more accurate than a flat multiple of income, because it models what your family actually lives on.
Outstanding loans would land on your family, so we add them. We also add big future goals like your children's education or marriage.
Any existing life cover and the savings your family could fall back on are subtracted, you don't need to insure what's already handled.
Prefer a human to sanity-check it? Book a free call, we do this all day.
A flat multiple like '15× your income' ignores what your family actually spends, how long they'd need support, and inflation. The expense method starts from your real monthly outgoings and funds them until the age you pick, so two people on the same salary with very different households get different answers, which is the correct outcome.
We assume 6% annual inflation on your household expenses and 8% annual returns on the payout your family invests. These are deliberately conservative middle-of-the-road figures, your advisor can stress-test them against your own situation.
Loans are counted separately in the 'outstanding loans' field, so including EMIs would double-count them. Investments are savings rather than living costs, and your family wouldn't need to keep making them.
The younger you are, the more years of income your family would lose, so a 28-year-old needs a bigger multiple of income than a 52-year-old who's closer to retirement.
Insurers sell cover in round slabs (₹50 lakh, ₹75 lakh, ₹1 crore and so on). Rounding up keeps the number realistic to actually buy, and the extra cover usually costs very little.
Only the savings your family could genuinely use if you weren't around. If a chunk is earmarked for a goal you've already listed, don't double-count it here.
No. The calculator runs entirely in your browser, nothing you type is sent to us or saved anywhere.
No, it's a well-established rule of thumb to get you in the right ballpark. Your actual need depends on your family, health and goals, which is exactly what a free call with our advisor sorts out.