Life Insurance Needs Calculator

A family-needs approach inspired by DIME (Debt, Income, Mortgage, Education)

Inputs

1 Income and family living expenses

Adjusted using an assumed real return

Monthly take-home salary

₹

Current monthly family expenses

₹

Family support period (years) Years for which family expenses need to be covered

10 years 20 years 30 years 45 years

2 Current debts and liabilities

Total: ₹42,50,000

Home loan balance

₹

Car loan balance

₹

Personal loan balance

₹

Credit card and other debts

₹

3 Future family goals and emergency fund

Goals: ₹65,00,000

Children's school expenses

₹

College / higher education fund

₹

Children's marriage expenses

₹

Medical emergencies and contingencies

₹

4 Existing savings and investments

These and existing life cover are deducted from total needs

Mutual funds, stocks and savings (including FDs)

₹

Existing life insurance cover

₹

Estimated additional cover needed

DIME-inspired

—

Multiple of annual income

Additional cover —

Family living expenses fund — —

Debts and liabilities ₹ 42,50,000 —

Education, marriage and medical needs ₹ 65,00,000 —

Assets and existing cover deducted - ₹ 15,00,000

Gross financial needs (A + B + C): —

Assets and existing cover (deductions): - ₹ 15,00,000

Additional cover needed: —

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Choosing cover: Term insurance can provide life cover without a savings component, often at a lower premium than comparable savings-linked policies. Premiums, eligibility, exclusions and claim conditions vary; compare policy terms and review your family’s needs.

Insurance needs by component

Compare family needs with the assets and existing cover deducted

Family living expenses Debts Future goals Assets and existing cover

Insurance needs analysis

A breakdown of liabilities, goals and deductions.

No.	Need / goal	Calculation / description	Amount	Share of gross needs %

Key assumptions

This is a needs-based estimate, not a policy recommendation or an assessment of eligibility.
Family expenses are modeled as a level annual expense over the chosen period, discounted at an assumed 2% annual real return after inflation. Salary is used only to show the income multiple.
Debts and the entered goal amounts are added, then available investments and existing life cover are deducted. Goal amounts are not separately inflated; enter estimates appropriate for the time they are needed. Avoid counting loan payments or goals twice in living expenses.