My Money

Term & health insurance calculator

Insurance is the part of a plan that protects all the other parts. Here’s how much life cover would let your family carry on, and a simple health-cover setup.

₹
₹18 lakh
₹
Today’s household spending, minus your own personal costs
 yrs
Until your youngest is independent, or your spouse retires
₹
₹40 lakh
₹
Children’s education, weddings… in today’s cost
₹
₹15 lakh
₹
Term plans and employer group cover
Health cover
Where you live
Cover parents separately?
Life cover assumption
 %
What the payout earns above inflation while your family lives on it. Lower is safer and needs more cover.
Term life cover you need
₹1.7 Cr
Buy about ₹1.75 Cr more — that’s 9.4× your income in total

How the number is built

Family expenses for 20 yrs₹1.2 CrLoans₹40 LGoals₹25 L

Minus ₹15 L you’ve already saved = ₹1.7 Cr. Existing cover of ₹0 leaves a gap of ₹1.7 Cr.

Health insurance (rule of thumb)

Family floater (base)
₹15 L
Super top-up on top
₹50 L

A super top-up kicks in after the base cover is used up and costs a fraction of a bigger base policy. Don’t rely on your employer’s group cover alone — it ends when the job does.

Buy pure term insurance — not endowment, money-back or ULIP plans. Term is the cheapest way to get a large cover; invest the difference separately.
A common shortcut is 10–15× income. The needs method above is more precise: here it works out to 9.4× (₹1,70,08,493).
How it’s calculated

The maths, in plain words

Family expenses

What your household would spend each year without you, for as many years as they’d depend on you — valued at a modest return above inflation.

Plus loans and goals

Outstanding loans should be paid off, and big commitments like education funded.

Minus savings

What you’ve already built reduces the cover needed. Existing policies count against the gap.

Questions

People also ask

Your inputs stay on this device. Use Copy link to save or share a calculation.

How much term insurance do I need?
A common shortcut is 10–15 times your yearly income. The needs method is better: family expenses for the years they’d depend on you, plus loans and goals, minus savings.
How much health insurance is enough?
In a metro, a family floater of ₹10–15 lakh plus a super top-up of ₹25–50 lakh is a common setup. Elderly parents are usually better on a separate policy.
Is my employer’s cover enough?
Rarely. Group cover is usually small and ends when you change jobs. Treat it as a bonus on top of your own policies.
Understand it

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