SIP GUIDE / PROTECTION TOOLKIT
What would your family need?
Work backwards from your family’s responsibilities, rather than starting with a round-number cover amount.
Start with the need.
Estimate an income-replacement gap before discussing a policy.
TERM COVER NEEDS ILLUSTRATION
A conversation starter, not an eligibility decision or premium quote.
- Present value of family spending
- ₹95,53,498
- Debts + other goals
- ₹40,00,000
- Less available assets
- ₹10,00,000
- Total estimated cover need
- ₹1,25,53,498
- Less existing life cover
- ₹50,00,000
Monthly spending starts one month from now and increases monthly with inflation. Each payment is discounted to today using your assumed return. Other income is not modelled; reduce the spending input if appropriate. Actual needs, affordability and insurer underwriting require an individual review.
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A needs calculation is only the beginning
This tool estimates the money required today to support a chosen stream of household spending. It adds debts and other goals, then subtracts assets available for this purpose and existing cover. It does not select a product or determine whether an insurer will offer that amount.
Check whether existing employer cover would continue if employment ends. Include unpaid care responsibilities in your family discussion, and consider other reliable household income. A lower assumed return on an eventual payout can increase the estimated amount required. Revisit the calculation as family needs and debts change.
Affordability, policy duration, exclusions, disclosure of requested information and underwriting matter alongside the cover amount. Product options depend on the POSP’s appointment and the products they are authorised to offer.
Educational tools only. Review assumptions and your complete circumstances before making decisions. Read disclosures.