Life insurance need calculator
Enter your family's expenses, the years they'd need support, your loans and goals. See the cover to buy.
- Needs-based method
- Loans and goals
- Free, no sign-up
Premiums and tax
Life insurance premiums count for 80C in the old regime. Payouts on death are tax-free.
Questions people often ask
Do term insurance premiums save tax?
Yes, under 80C in the old regime, within the ₹1.5 lakh limit, if the premium is within 10% of the sum assured.
Is the payout taxable?
No. A death benefit is tax-free for the family.
Working out the cover
Needs, less what you have.
- Living costs for the years your family depends on you.
- Plus loans to clear and goals to fund.
- Less savings and existing cover.
Last reviewed 9 October 2026. The rules in this calculator come from these official sources.
- Life insurance: consumer education Insurance Regulatory and Development Authority of India
Common questions
How much life insurance do I need?
Enough to cover your family's living costs for the years they depend on you, clear your loans and fund big goals, less what you've saved.
What about 10 times my income?
A quick rule of thumb. Working out the actual needs is more accurate, especially with loans or young children.
Which expenses should I include?
What your family would spend without you. Leave out your own personal costs.
Why discount future expenses?
The payout would be invested. A safe return on it pays part of the future costs.
Term or endowment?
Term insurance gives the most cover for the premium. Endowment and money-back plans mix insurance with low-return savings.
