Life Insurance Calculator
v1.3Estimate the recommended life insurance cover from income, dependents, debts and existing assets.
Last updated · Last reviewed
Inputs
Result
Recommended Coverage
$13,500,000.00
Gross need $14,000,000.00 less your savings and existing cover
Saved calculations remain on this device unless you choose to share them. No tracking, no account needed.
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Formula
Recommended = max(0, income × incomeMultiplier + dependents × perDependentYears × income + debts − savings − existing cover).
How it works
Life insurance is a contract that pays a sum assured to your nominee if you die during the policy term. The right cover protects your family's lifestyle, clears debts and funds future goals.
Example
Example: A 35-yr-old earning ₹10L/yr with 2 dependents, ₹20L of debt and ₹5L savings → ~₹1.35 Cr recommended cover.
Official Sources & References
The formulas, rates and definitions used by this calculator are aligned with the following official sources:
- IRDAI — Insurance Regulatory and Development Authority of India — Product regulations, mortality assumptions and surrender rules.
- National Association of Insurance Commissioners (NAIC) — U.S. consumer guidance on life, health and auto coverage.
- Financial Conduct Authority (FCA) — UK — UK insurance disclosure and consumer-duty rules.
We use only primary sources — regulators, standards bodies and scheme operators. See our full sourcing policy for details. Sources & References Policy · Calculator Methodology · How We Verify Formulas
Trust & Accuracy
Formula verified
Verified against IRDAI / NAIC actuarial conventions.
Last reviewed
June 27, 2026
Accuracy tested
Edge cases tested, formula validation and manual verification completed.
Available for
United States, Canada, United Kingdom, Australia, India, European Union.
Currency support
USD · INR · CAD · AUD · GBP · EUR
Privacy
No information entered into this calculator is stored on our servers unless you explicitly choose to save or share your calculation.
Print, share & save
Use the Save, Share, Copy, PDF, CSV and Print actions under the result panel.
Accessibility
Keyboard navigable, screen-reader friendly labels, responsive on mobile and desktop.
Learn more: How we verify formulas · How we test accuracy · Methodology · Editorial policy
Recent Updates
We continuously review and improve our calculators to keep formulas, assumptions and references accurate.
View change log (4)Show
- v1.3
Added Trust & Accuracy panel and machine-readable change log.
- v1.2
Added Save, Share, PDF, CSV and Print actions to results.
- v1.1
Added global currency selector (USD, INR, CAD, AUD, GBP, EUR).
- v1.0
Initial calculator release with verified formulas and Official Sources.