Term insurance need
Assumptions
Income replacement values your income to the cover age at the real rate (return over inflation). Expense-based need values household expenses over the support years at the same real rate, then adds loans and lump sums. Both deduct liquid assets and existing cover. The range spans the two methods; the ten-to-fifteen-times-income convention is shown for reference. Premiums are indicative annual bands per ₹1 crore for a male non-smoker with cover to 60–65, scaled to the cover and age, with a 1.5× loading for tobacco use as an assumption; insurers quote on health and occupation, and individual life policies carry no GST since 22 September 2025.
Rules: Indicative term premiums, September 2026, reviewed 2026-09-11.
Policybazaar · ₹1 crore term insurance premiums (indicative)
Estimates are not personalised financial advice. Review assumptions before use.
Cover needed (higher of the two methods)
Based on your inputs. Not guaranteed. Exact amount: ₹3,87,59,371.
Two ways to size the cover
The two methods bracket the need; the premium band in the details is indicative only.The two methods bracket the need; the premium band in the details is indicative only.
View detailed breakdown
- Expenses
- ₹2 crore
- Loans
- ₹30 lakh
- Lump sums
- ₹30 lakh
Which method should I trust?
Income replacement protects the household's earnings; the expense-based need protects its spending and goals. Cover in the range between them.
Detailed results
| Result | Value |
|---|---|
| Cover needed (higher of the two methods) | ₹3.88 crore |
| Income-replacement method | ₹3.88 crore |
| Expense-based method | ₹2.5 crore |
| Lower of the two methods | ₹2.5 crore |
| 10–15× income convention (upper end) | ₹2.25 crore |
| Indicative annual premium, low | ₹40,697 |
| Indicative annual premium, high | ₹60,465 |
| Premium as share of income (high) | 4.03 % |
Premium bands are indicative for a male non-smoker with cover to 60–65; quotes depend on health, occupation and insurer. This is a need estimate, not a product recommendation.