Term Insurance Plans: Calculator, Benefits &

Term insurance is the foundation of household financial planning. It provides guaranteed financial support to your dependents in the event of premature death, ensuring that family living standards and major goals remain protected.

Determining the Right Sum Assured

Calculate your life insurance requirement using the Human Life Value (HLV) method:

• Income Replacement: Multiply current annual income by 15.
• Liabilities: Add all outstanding debts (mortgage, education loans).
• Milestone Goals: Add estimated costs for children's future education and marriage.
• Existing Assets: Deduct liquid investments and existing life cover.

Evaluating Policy Riders

• Critical Illness: Provides an immediate lump sum on diagnosis of serious illnesses to cover specialized treatment and income disruption.
• Accidental Disability: Waives future premiums and disburses income benefits if total permanent disability occurs.

Verification Checklist Before Buying

• Insurer maintains a Claim Settlement Ratio above 98% across recent years.
• Medical disclosures, tobacco status, and family health history are 100% accurate.
• Nominee contact information and bank details are correctly recorded.