Calculate the ideal life-insurance cover using the Human Life Value method — factoring income, expenses, liabilities and existing cover.
Buy pure term insurance of at least ₹4,81,06,980. You currently have ₹0 — bridge the ₹4,81,06,980 gap.
This calculator sizes the term life insurance cover an earning member of a household needs — using the Human Life Value (HLV) method and the Income Replacement method. HLV = present value of your future earnings till retirement (discounted at 6–7%); Income Replacement = annual income × (10–20) depending on age and dependents. Buy pure-term insurance — never mix insurance with investment (traditional / ULIP / endowment plans deliver 4–6% IRR).
Under Section 80C, premiums up to ₹1.5 lakh are deductible (old regime); Section 10(10D) makes maturity/claim proceeds tax-free provided the sum assured is at least 10× annual premium (7× for policies before 1 April 2012). This calculator flags whether your current cover is adequate given liabilities (home loan, personal loan) and future goals (child's education, retirement corpus for spouse).
Sizing term cover for a young family.
Buying ULIP / endowment thinking it's protection — 4–6% IRR, inadequate cover.
Under-insuring — ₹50 L cover with ₹15 L income is meaningless for the family.
Skipping declarations (smoking, medical history) — leads to claim rejection.
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Buy pure term insurance till age 60–65 with sum assured 15–20× annual income.
Split cover across 2 insurers (₹1 Cr + ₹1 Cr) for claim-settlement diversification.
Buy young — 30-year-old pays half the premium of a 40-year-old for the same cover.
For pure risk cover, always term insurance. Endowment/ULIPs mix insurance with investment and typically deliver poor returns on both.
10–15× annual income is a rough guide, but the Human Life Value method (used here) is far more accurate.
For pure risk cover, always term insurance. Endowment/ULIPs mix insurance with investment and typically deliver poor returns on both.
via Life Insurance CalculatorNo. Processing fees, insurance, GST on fees and stamp duty are excluded and vary per lender. Add them separately to arrive at the true cost of the loan.
via EMI CalculatorNo. Processing fees, insurance, GST on fees and stamp duty are excluded and vary per lender. Add them separately to arrive at the true cost of the loan.
via Personal Loan CalculatorNo. Processing fees, insurance, GST on fees and stamp duty are excluded and vary per lender. Add them separately to arrive at the true cost of the loan.
via Home Loan CalculatorNo. Processing fees, insurance, GST on fees and stamp duty are excluded and vary per lender. Add them separately to arrive at the true cost of the loan.
via Car Loan CalculatorThis dataset is free to reference in articles, research and reports. Attribution to Taxpex Consultancy is all we ask. Data last verified 31 July 2026.
Taxpex Consultancy. (2026). Life Insurance Calculator — Taxpex. Retrieved from https://taxpex.com/tools/investment/life-insurance-calculator<a href="https://taxpex.com/tools/investment/life-insurance-calculator">Life Insurance Calculator — Taxpex</a> — Taxpex Consultancy