How much life cover do you need
Estimate the life cover required to replace your income and clear your liabilities, using the income-replacement method.
Additional life cover to consider
₹1,77,00,000
- Income replacement (20 years)
- ₹1,60,00,000
- Liabilities to clear
- ₹15,00,000
- Future goals to fund
- ₹10,00,000
- Total requirement
- ₹1,85,00,000
- Less: cover already held
- – ₹5,00,000
- Less: savings available
- – ₹3,00,000
What your family would need₹1,85,00,000
What is already covered₹8,00,000
The gap₹1,77,00,000
- Income replacement
- ₹1,60,00,000
- Liabilities
- ₹15,00,000
- Goals
- ₹10,00,000
- Existing cover
- ₹5,00,000
- Savings
- ₹3,00,000
This is an estimate
It is arithmetic based on the assumptions you chose, not a quotation, not advice, and not a guaranteed outcome. No LIC premium rate or bonus figure is used in this calculation.
What this does and does not tell you
- This is the income-replacement method, one of several accepted approaches to sizing life cover. A needs-analysis or human-life-value approach can give a different figure.
- It sizes a requirement. It does not recommend a specific plan, and it does not assess whether you are eligible for one.
Next step
A number on its own does not decide anything. If you would like this figure turned into a straight recommendation — including the honest answer that no LIC plan fits what you are after — send it across and we will look at it properly.