BM Wealth•BM Wealth Calculator•ARN 90008 | IRDAI 277925Human Life Value Shield
Is your family adequately protected? See the math.
BM Wealth | ARN 90008 | IRDAI 277925 | Educational estimate. Not insurance advice.
Enter annual income, age, dependents, existing life cover, and outstanding loans. Click Calculate to see the recommended total cover, your current coverage gap, and a suggested term insurance target.
- Use the coverage gap as the main output to action.
- Keep existing cover realistic (include only life cover that pays out on death, not investment plans).
- Recalculate after major life changes (marriage, children, home loan) and as income grows.
Example: Income ₹25,00,000, age35, dependents 2, existing cover ₹50,00,000, loans₹30,00,000 to estimate your recommended cover.
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How Much Insurance Does Your Family Actually Need?
Most Indians are significantly under-insured. The average life insurance cover in India is just 10–15% of what families actually need. This calculator uses the income replacement method — the most accepted approach to determining adequate life cover — factoring in your income-earning years remaining, outstanding debts, and number of dependents.
The formula is straightforward: replace 70% of your annual income for the years remaining until retirement (age 60), add full loan coverage so your family isn't burdened with debt, and include a ₹25 lakh buffer per dependent for education and lifestyle needs. The result is your total recommended cover. Subtract what you already have — the difference is your coverage gap.
Why Pure Term Insurance?
Term insurance offers the highest cover at the lowest premium. A 30-year-old can get ₹1 Crore cover for ₹8,000–12,000/year. The suggestion is always rounded to the nearest ₹25 lakh with a minimum of ₹50 lakh, because insurance is about protecting your family's lifestyle — not just covering the bare minimum.
IRDAI 277925 | Educational estimate — not insurance advice • ARN 90008