Term Insurance Calculator
Calculate ideal term insurance cover using income replacement & human life value methods. Estimate monthly premium.
| Income Replacement (10×) | ₹1,50,00,000 |
| HLV Method | ₹2,34,33,120 |
| (+) Outstanding Loans | ₹20,00,000 |
| (−) Existing Cover | ₹0 |
| Recommended Cover | ₹2,54,33,120 |
Frequently Asked Questions
How much term insurance do I need?
A common rule is 10-15 times your annual income. Also consider: outstanding loans, children's education, spouse's retirement needs, and existing coverage. The HLV (Human Life Value) method gives a more precise number.
What is the ideal term insurance tenure?
Cover yourself until your financial dependents become independent or until retirement (60-65). If you're 30, a 30-35 year term is ideal. By 60-65, your savings should be sufficient.
Is term insurance premium tax deductible?
Yes, premiums up to ₹1.5 lakh are deductible under Section 80C (old regime). The death benefit received by nominees is completely tax-free under Section 10(10D).
Should I add riders to my term plan?
Critical illness and accidental death riders are useful additions. However, a separate health insurance policy is better than a health rider. Avoid unnecessary riders that increase premium significantly.
Online vs offline term insurance?
Online term plans are 30-40% cheaper than offline because there are no agent commissions. Features and claim settlement are the same. Always buy online for better value.