Life Insurance Cover Pro
Compare the age-based multiplier and present-value methods. See your gap against existing cover, loans, and child goals.
How much term cover do you need?
Two methods, one recommendation: the higher number wins.
1. You
Age and income
Gross salary or total household earning you want replaced.
Leave blank to use the age-based rule (15x at your age).
2. Family
Income replacement horizon
Replace income until
Used in the PV method for goals and income.
3. Liabilities and goals
What must be cleared or funded
Future cost at college entry.
4. What you already have
Cover and liquid assets
Surrender value of endowment/ULIP reduces term need.
5. Result
Underinsured: ₹2,62,94,683 short
Recommended cover
₹3,12,94,683
Higher of ₹2,02,00,000 and ₹3,12,94,683
Coverage gap
₹2,62,94,683
Additional term cover
Simple method
₹2,25,00,000
15x income
PV method
₹3,35,94,683
30 years @ 2% real
Term until age
60
Minimum policy duration
Premium hint
₹2,500
Rough monthly (2% of monthly income)
Underinsured
Your current cover falls short by ₹2,62,94,683. Liabilities and income replacement total ₹3,49,94,683 against assets of ₹60,00,000.
Strategic split
Base income replacement: about ₹2,75,94,683 term cover until age 60.
Consider a decreasing-term rider for ₹37,00,000 in loans that shrink over time.
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