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How much term cover do you actually need?
Most calculators multiply your salary and call it advice. This one works the way a planner would: it prices what your family would owe if your income stopped tomorrow, subtracts what you have already built, and shows you the gap. Five short steps.
- About you
- What your family spends
- Goals riding on your income
- Loans your family would inherit
- What you have already built
Step 1 of 5
About you
Two questions that set the shape of the cover - how long your income needs to be replaced, and for whom.
The method
What you owe, minus what you own
There is no proprietary black box here. Four moves decide the number, and you can check every one of them against your own situation.
- 01
Replace the running costs
Your family's recurring expenses are turned into a corpus large enough to fund them from safe returns - so the money does not run out in year twelve.
- 02
Add what you have promised
Education, a wedding, a spouse's plan. Commitments your income was quietly underwriting get added at today's cost.
- 03
Add what would be inherited
Outstanding loans do not disappear. Whatever a lender would come looking for is added in full.
- 04
Subtract what already exists
Existing cover and liquid savings count fully. Equity counts at a discount. Gold, property and ESOPs are not counted - a grieving family should not have to sell the house.
Read this before you act on it
Your cover amount is only half the decision
This result sizes the financial gap your family may face. It cannot judge how an insurer will underwrite your health history, which riders are worth paying for, or which policy terms could matter at claim time. Two plans with the same cover amount can protect your family very differently.
- Buy the cover early - premium is locked at the age you enter, for the whole term.
- Disclose everything on the proposal form. Almost every rejected term claim traces back to something left unsaid.
- Revisit this figure whenever life changes - a child, a home loan, a job move, a parent who becomes dependent.
- Tell your family the policy exists and where the documents are. A claim nobody knows to make never gets paid.
Before you choose a plan, talk the number through with a MITRA. We'll pressure-test the assumptions, understand your health and priorities, and help you choose cover that fits both your family and your budget.
Want the longer version? Read how term insurance works, which riders are worth the money, or our note on how much term cover is enough.
Questions
Straight answers about the number
Including the ones a sales page would rather skip.
Why is this number bigger than the '10x your income' rule?
Because a multiple of income is a marketing shortcut, not a calculation. It ignores your loans, your goals and everything you have already saved. This method starts from what your family actually spends and owes, then subtracts what you have built. For some people the result is far lower than 10x. For a young earner with a home loan and small children, it is usually higher.
Should I buy the inflation-adjusted figure instead?
Only if you want a single flat sum assured you will never revisit. The cleaner route is to buy the cover you need today and add an increasing-cover option, so the sum assured steps up automatically each year. You pay for the higher cover as you approach needing it, rather than from day one.
Does my employer's group life cover count?
No - leave it out. Group cover ends the day the job does, which is often the same period when you are least able to buy a fresh policy. Treat it as a bonus while you have it, never as part of your permanent plan.
Can the calculator tell me I don't need a term plan?
Yes, and it will. If nobody depends on your income, you carry no loans, and you have no funded commitments, the honest answer is that there is nothing for a term plan to replace right now. We would rather say that than sell you a policy you do not need.
Is this a premium quote?
No. This sizes the cover you need. Premium depends on your age, health, smoking status, occupation and the insurer's underwriting. Once you know the cover amount, an adviser can put real quotes against it in a single conversation.
What happens to the details I enter?
Nothing is stored. The figures are sent to our server, the calculation runs there, and the result comes back to your screen. Nothing is written to a database or attached to your identity unless you separately ask us to call you.
Free · Unbiased · No pressure
Now put real policies against your number
Share the figure with a Mitra and we will shortlist plans that fit it - with the claim-time terms explained before the premium.
