Term Insurance Calculator
v1.3Estimate ideal term insurance sum assured for any age, income and coverage period.
Last updated · Last reviewed
Inputs
Typical range: until age 60–65
Result
Suggested Sum Assured
$20,000,000.00
15× income + liabilities − assets
Saved calculations remain on this device unless you choose to share them. No tracking, no account needed.
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Formula
Sum Assured = max(0, income × incomeMultiplier + liabilities − assets).
How it works
Term insurance is the cheapest form of life cover — a pure-protection plan with no maturity benefit. It is the most efficient way to buy a large sum assured.
Example
Example: 30-yr-old, ₹12L income, ₹10L assets, ₹30L liabilities → ~₹2 Cr sum assured for 30 years.
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.