Tools
How much term cover do you need?
A line-by-line estimate of the life cover your family would need, built the way we do it at the desk.
Usually until the youngest child is independent or you would retire.
Children's education, a wedding.
Include employer group cover only if it continues after you leave.
Suggested term cover
₹1.50 crore
- Replace income for your family+ ₹88.0 lakh
- Pay off loans+ ₹25.0 lakh
- Fund future goals+ ₹15.0 lakh
- Existing life cover− ₹0
- Savings the family can use− ₹3.0 lakh
Income replacement assumes your family needs 70% of your take-home pay, rising 5% a year, valued at a 7% discount rate. Rounded up to the nearest ₹25 lakh. A rough guide, not underwriting advice. Insurance is the subject matter of solicitation.
How this is worked out
We value the income your family would lose: 70 percent of your take-home pay, rising 5 percent a year, for the years they would need support, discounted at 7 percent to today. We add outstanding loans and the goals you want protected, then subtract cover you already have and savings your family could use.
The answer is rounded up to the nearest ₹25 lakh, because term premiums rise only slightly between neighbouring amounts.
Often not. Ten times income ignores loans and big goals such as education. Most young families with a home loan need 12 to 20 times their take-home pay.
Only if it would continue after you leave the job. Group cover usually ends with employment, which is when families are most exposed.
Until the youngest child is independent or until you plan to retire, whichever is later. Cover that ends at fifty often ends when it is hardest to buy again.
Related: Insurance, sizing term cover.
Compare term policies with someone who will be there at claim time.
A first conversation is free and takes about thirty minutes, at the office in Angamaly or over a call.
Opposite St Martin's Shrine, Angamaly South P.O.
Angamaly, Kerala 683573
- Monday to Friday: 9:00 am to 6:00 pm
- Saturday: 9:00 am to 5:00 pm
Get directions
Ten minutes from Cochin International Airport