Term Insurance Calculator

Use the highest of three lenses: 15× your annual income (quick rule), Human Life Value (income × working years left), and expense-needs (family expenses × years + loans + goals − assets). This calculator computes all three and recommends the maximum, rounded to ₹1 lakh.

Smokers face materially higher mortality risk, so Indian insurers load premiums by roughly 50–70%. On a ₹1Cr policy that can mean ₹5,000+ extra every year for decades — quitting before you apply, and honestly declaring habits, pays twice over.

Cover yourself until financial independence — typically retirement age (60). A 30-year-old usually needs a 30-year term. Shorter terms look cheap but leave you uninsured exactly when dependants may still need support; longer-than-needed terms waste premium.

Check the claim settlement ratio (consistently above 98% is reassuring), solvency ratio (above 1.5 as IRDAI requires), and rider options like critical illness and accidental cover. The cheapest quote from a weak-settlement insurer is a false economy.

Yes. Premiums qualify for Section 80C deduction up to ₹1,50,000 per year (old regime), and the payout to nominees is tax-free under Section 10(10D), subject to conditions. Critical-illness riders may additionally qualify under Section 80D.

Term cover replaces economic value. Homemakers contribute enormous unpaid value — some insurers now offer homemaker-specific covers worth considering. After retirement with no dependants or debts, fresh term cover is usually unnecessary; existing savings take over.