Term Insurance Cover Calculator
How much term cover do you really need? We compute three methods - income multiple, DIME and Human Life Value - and recommend the right cover.
What it means
Term insurance is pure life cover - if something happens to you during the policy term, your family gets a lumpsum. It has no investment component. Always buy term before any other life policy.
DIME = Debt + Income replacement + Mortgage + Education costs.
Worked example
On ₹12L income with a ₹30L home loan and ₹20L future goals, you need roughly ₹2Cr cover. Online term costs ~₹700/month for a 30-year-old.
Frequently asked questions
Till what age should I buy term insurance?
Till you are financially independent - typically your planned retirement age (60–65). Buying till 80 sounds attractive but doubles the premium and most of the value is eroded by inflation.
Is employer group cover enough?
No. Group cover vanishes the day you leave the job. Always have a personal term policy of at least 10–15× your income, separate from any employer cover.
Online vs agent-sold term plans?
Online is 30–50% cheaper for the same cover and benefits, because there's no agent commission. Claim settlement ratios are identical - both go to IRDAI-regulated insurers.
Should I take riders like accidental death or critical illness?
Skip accidental death (already covered by term). Consider critical illness rider only if the premium is under 15% of base - else buy a standalone CI policy for flexibility.
What if I smoke or have health issues?
Always disclose. Non-disclosure is the top reason for claim rejection. Smokers pay 40–60% more, but claims go through cleanly.