How much cover do you actually need?

FIRE = Financial Independence, Retire Early. It's a reel series by @SeewithSai that breaks down personal finance for Indians — investing, insurance, taxes, and retirement planning — without the jargon. This calculator is one of the free tools from the series. Follow @SeewithSai on Instagram for new episodes weekly.

Most Indians are dangerously underinsured. The right cover should fully replace your income for your dependents until they can stand on their own — not just clear your loans. We use the higher of two methods (income-based and need-based) for safety.

For pure protection, term plan wins every time. ULIPs and endowment plans bundle insurance with investment poorly — you pay 5–10× more for a fraction of the cover. Buy a term plan for protection and invest the difference in mutual funds.

It's a rough range based on typical pricing from major Indian insurers (HDFC Life, Max Life, Tata AIA, ICICI Pru) for healthy applicants. Your actual premium depends on medical tests, exact occupation, BMI, and family history. Always compare 3+ quotes before buying.

Buying directly from the insurer's website is usually 5–15% cheaper because there's no agent commission. Use comparison sites (Policybazaar, Ditto) to research, then buy from the insurer directly.

Critical illness rider (if it costs less than ~25% extra) and accidental death rider are the two most useful. Skip waiver of premium and return of premium — they aren't worth it for most people.