Life Insurance Planner
Calculate how much life insurance coverage you need to protect your family's lifestyle.
How it works
Your family's annual expenses are projected with inflation for the coverage period. Your existing savings are subtracted from this total to arrive at the life insurance cover you need.
What is Life Insurance Planner?
A life insurance calculator estimates how much term insurance cover you need to protect your family's finances in your absence. It is based on your income, expenses, debts, and future goals.
The right cover ensures your family can maintain their lifestyle and meet goals like children's education even without your income.
How does the Life Insurance Planner work?
The calculator sums your family's annual expenses over the protection period, adds outstanding loans and future goals, and subtracts existing investments and assets.
The result is the recommended life cover amount.
How to use the Life Insurance Planner?
- Enter your family's annual expenses.
- Enter outstanding loans and future goals (education, marriage).
- Enter existing assets and investments.
- The calculator shows the recommended term cover.
Example
Try the calculator with your own numbers
- Enter your values in the input fields above.
- Adjust the values to match your situation.
- The result updates instantly as you change the inputs.
Benefits of using the Life Insurance Planner
- Avoid being under-insured or over-insured.
- Protect your family's lifestyle and goals.
- Plan term insurance purchases rationally.
Who should use the Life Insurance Planner?
- Individuals planning loans, investments, or retirement savings.
- Salaried employees estimating taxes, EMIs, and take-home pay.
- Small business owners tracking costs, margins, and cash flow.
- Students learning personal finance and investment concepts.
Tips for getting the most out of the Life Insurance Planner
- Use realistic return rates — past performance does not guarantee future returns.
- Re-run the calculation whenever your income, expenses, or goals change.
- Compare a few scenarios (conservative, moderate, aggressive) before making a decision.
Frequently Asked Questions
How much term insurance do I need?
A common rule is 15-20 times your annual income, adjusted for debts, expenses, and existing assets.
Is term insurance better than endowment plans?
For pure protection, term insurance offers the highest cover at the lowest premium. Endowment plans mix insurance with savings at higher cost.
Planning your finances is easier when you can see the numbers clearly. Use this calculator regularly to stay on top of your goals and make informed decisions.
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