Term Insurance Calculator
Estimate how much life cover you need using the income-replacement method. A starting point, not personalized advice. Free.
Uses a common industry income-replacement rule of thumb, not a personalized recommendation — MintX is not an insurance advisor. Actual need depends on your full financial picture; consult a licensed advisor before buying a policy.
Term Insurance Calculator
A term insurance calculator estimates the life cover you need using the income-replacement method — enough to replace your income for your dependents over a chosen number of years, adjusted for existing savings and liabilities.
Cover Needed ≈ (Annual Income × Years of Income Replacement) + Outstanding Liabilities (loans) − Existing Savings/Investments, sometimes adjusted for age and future goals like children's education.
Input: ₹15 lakh annual income, 15 years of replacement, ₹40 lakh home loan outstanding, ₹20 lakh existing investments
Result: Cover needed ≈ (₹15L × 15) + ₹40L − ₹20L = ₹2.45 crore
Why use income replacement instead of a flat multiple of salary?
A flat multiple (like '10x salary') ignores your actual liabilities and existing savings — the income-replacement method accounts for what your dependents would actually need to maintain their standard of living.
Should term insurance cover include existing life insurance policies?
Yes — subtract the sum assured of any existing term or life policies from the calculated need, since that coverage already contributes toward the total.
Term Insurance Cover Calculator: how it works
A term insurance calculator sizes the cover required so dependants can replace lost income and clear outstanding liabilities.
Formula
Cover ≈ (annual income × income-replacement years) + outstanding loans − existing liquid assets.