Life Insurance Planning
Life Insurance Calculator
Calculate the ideal life insurance coverage for your family's financial security
Personal Details
21 years50 years
₹30,000₹5,00,000
₹20,000₹3,00,000
18
₹0₹1Cr
₹0₹50L
Insurance Coverage Needed
Recommended Life Cover
₹4.6 Crores
Based on comprehensive analysis
Income Multiplier Method
10x Annual Income
₹1.4Cr
Need-Based Method
Future expenses + Debts + Goals
₹4.6Cr
Annual Premium Estimates
Term Insurance₹367
ULIP₹1,146
Traditional Plan₹3,666
Coverage Breakdown
Income Replacement
59%₹268.8L
Debt Clearance
7%₹30.0L
Children Education
4%₹20.0L
Emergency Fund
1%₹5.0L
Insurance Product Comparison
Term Life Insurance
₹367
Annual Premium
Features
- • Pure protection
- • High coverage at low cost
- • No maturity benefit
Pros
- ✓ Lowest premium
- ✓ Maximum coverage
- ✓ Tax benefits u/s 80C & 10(10D)
Cons
- ✗ No returns if you survive
- ✗ Premium paid is cost
Best For
Best for young families with high coverage needs
ULIP
₹1,146
Annual Premium
Features
- • Insurance + Investment
- • Market-linked returns
- • Flexibility in funds
Pros
- ✓ Dual benefit
- ✓ Transparency
- ✓ Switching facility
Cons
- ✗ Higher charges
- ✗ Market risk
- ✗ Complex product
Best For
For those wanting insurance with investment
Traditional Endowment
₹3,666
Annual Premium
Features
- • Guaranteed returns
- • Bonus additions
- • Maturity benefit
Pros
- ✓ Guaranteed returns
- ✓ Forced savings
- ✓ Low risk
Cons
- ✗ Low returns
- ✗ High premium
- ✗ Inflation risk
Best For
Conservative investors seeking guaranteed returns
🛡️ Life Insurance Tips
Buy Early
Lower age means lower premiums for the same coverage
Term is Best
Term insurance provides maximum coverage at minimum cost
Honest Disclosure
Always disclose health conditions to avoid claim rejection
Review Regularly
Increase coverage with life events like marriage, kids
Tax Benefits
Premiums qualify for 80C, payouts are tax-free u/s 10(10D)
Multiple Policies
Consider multiple smaller policies instead of one large policy