Life Insurance Calculator
Determine the right amount of life insurance coverage with our free calculator. Consider income replacement, outstanding debts, future expenses, and family needs.
Coverage Breakdown
Life Insurance Calculation Methods
10-15x annual income, adjusted for working years remaining
Present value of all future earnings till retirement
Based on family's actual financial needs and goals
Detailed Needs Analysis
Key Features
How to Use This Calculator
Understanding Life Insurance
Life insurance protects your family's financial future in case of your untimely death. The Life Insurance Calculator helps you determine the appropriate coverage amount to replace income, pay off debts, and fund future needs.
The income replacement method calculates coverage as a multiple of annual income, typically 10-15 times. If you earn ₹10 lakhs annually, you might need ₹1 to 1.5 crores coverage. This accounts for the income your family would lose.
A more comprehensive approach is the Human Life Value (HLV) method, which considers future earnings potential, inflation, and the number of years until retirement. This often results in higher coverage recommendations.
Don't forget to include outstanding liabilities: home loan, car loan, personal loans, credit card debt. The insurance should be sufficient to clear all debts, ensuring your family isn't burdened with repayments.
Future expenses matter too: children's education, their marriages, spouse's retirement needs. Calculate these costs at future values (adjusted for inflation) and include them in your coverage calculation.