This free life insurance need calculator for India estimates how much term cover your family may need if your income stops. It layers income replacement years, education support, outstanding debt, and existing savings or policies into one coverage target for 2026. Use it as a planning baseline before talking to an advisor or insurer.
Total need ≈ (annual expenses × replacement years × inflation uplift) + debt + education goals. Shortfall = total need − (existing cover + liquid savings). The chart compares those three buckets so you can see whether you are under- or over-insured in today's terms.
Assume 25 years of income replacement at 6% expense inflation, ₹5,00,000 education support, ₹20,00,000 savings, and no existing term cover. Illustrative income-replacement need ≈ ₹7,72,53,673; total need ≈ ₹7,77,53,673; suggested additional cover ≈ ₹7,57,53,673. Adjust the sliders above for your household.
| Component | Illustrative amount |
|---|---|
| Income replacement (inflated) | ₹7,72,53,673 |
| Obligations (debt + education) | ₹5,00,000 |
| Total need | ₹7,77,53,673 |
| Cover + savings | ₹20,00,000 |
| Suggested shortfall | ₹7,57,53,673 |
Figures are planning estimates in today's currency, not a premium quote. They do not model riders, medical underwriting, tax on proceeds, or local estate rules. Review nominees, a will, and investment plans alongside any new cover.
What does this life insurance calculator cover?
It aggregates income replacement years, outstanding debts, education goals, and existing savings or policies to give a quick coverage target in today's terms.
Is this a life insurance quote or premium?
No. It is a planning estimate to help you shape a sensible coverage target. Connect with a licensed provider for underwriting and exact pricing.
How is the cover shortfall calculated?
Shortfall = total need − (existing life cover + savings). Total need includes inflated income replacement plus debt and education goals you enter.
Why add life expectancy?
You may want coverage to last longer than a fixed replacement window if dependents rely on you beyond retirement. Adjust the slider to explore longer horizons.
Should I buy term cover or invest more instead?
Term insurance is usually for protecting income if you die early; investing builds wealth while you are alive. Many households need both. Use the calculator shortfall as a cover target, then keep SIPs for living goals.
What should I do after sizing life cover?
Update nominees, draft or refresh a will, and align retirement or SIP plans so surviving family cash-flow and long-term goals stay funded.
After sizing cover, put a will in place and keep investing for living goals.