Term insurance

Term insurance calculator

This term insurance calculator works out how much life cover your family would need, and for how long, from your spending, loans, children and savings. It is not a premium quote. For a sense of price, ₹1 crore of cover to age 60 cost a healthy 30-year-old non-smoker, man or woman, ₹660 to ₹870 a month across three plans (nyvo premium data, May 2026).

Written by Kshitij JainReviewed by Harsh SoniUpdated nyvo insurance Services LLP, IRDAI Corporate Agent (Composite) CA1085Salaried advisors, no commission-based ranking

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What would your family need?

Add everyday expenses, loans and the cover you already have.

Family and everyday expenses
30 years

Enter lakh, not rupees. For example, 0.5 means ₹50,000 a month.

60 years
Number of children

The model adds ₹50 lakh per child. Selecting 3+ counts as three children.

Loans left to repay

Use the outstanding balance, not your monthly repayments. Leave blank if there is none.

Car, personal loans and card debt.

What you already have

These reduce the calculated need. Leave blank if there is none.

The full cover amount is deducted.

FDs, mutual funds and stocks. Only 25% of this amount is deducted.

Your term cover estimate

A starting point for your cover

Suggested cover after deductions

₹2.25 Cr

Cover period · 30 years

Future living expenses, loans and a children’s allowance, less existing term cover and 25% of investments.

The working

Family living expenses
₹1.75 Cr
Outstanding loans
₹0 lakh
Children’s allowance
₹50 lakh
Total before deductions
₹2.25 Cr
Less existing term cover
₹0 lakh
Less 25% of investments
₹0 lakh

The net amount is kept at zero or above, then rounded up in ₹2.5 lakh blocks. The displayed recommendation has a minimum of ₹50 lakh, even if the calculated need is lower. Living expenses and the total above are displayed to the nearest lakh; the final calculation uses unrounded values.

Assumptions, and what ₹1 crore costs

Living expenses use 80% of your monthly spending. The model assumes death three years from now, increases annual expenses by 5% a year for those three years, then values future support using 5% inflation and a 10% annual investment return.

Expense support runs from your age three years from now to your chosen support age, never for fewer than zero years. The cover period runs from your current age to the support age, also never below zero.

These are fixed assumptions, not predictions or guaranteed returns. The allowance is ₹50 lakh per child, with a maximum of three children counted.

What ₹1 crore of cover costs at your age

  • At 30: ₹660–₹870 a month

Source: nyvo's own premium data, May 2026. ₹1 crore of cover to age 60, regular pay, non-smoker and non-diabetic, salaried graduate on ₹10 lakh income. Each range spans HDFC Life, Axis Max Life and Tata AIA, for men and women. It is not a quote for the cover above: premiums do not scale in proportion to cover or cover period.

This planning estimate does not account for your family’s specific goals, changing income, taxes or actual investment returns. Premiums and eligibility depend on insurer terms, health and lifestyle. Review the assumptions before choosing a policy.

Put this number in context

Talk through the cover amount and period with a salaried nyvo advisor. The 30-minute call is free.

nyvo insurance · IRDAI-registered corporate agent · CA1085

How does the term cover calculator work?

The nyvo term cover calculator adds three things: the lump sum that would fund 80% of your household spending until the age you choose, your outstanding loans, and ₹50 lakh for each child. It then subtracts your existing term cover and a quarter of your liquid investments, rounds up to the next ₹2.5 lakh, and never shows less than ₹50 lakh.

  1. Living costs. 80% of your monthly household spending, times 12, on the assumption that your own share of the spending stops.
  2. Inflation and returns. That yearly figure grows 5% a year for three years, because the model assumes death three years from now. The calculator then works out the lump sum that, earning 10% a year, would pay it every year until your chosen support age, rising 5% a year.
  3. Loans and children. It adds the outstanding balance of your home and other loans, and ₹50 lakh for each child, counting up to three.
  4. What you already have. It subtracts all of your existing term cover and 25% of your liquid investments, such as FDs, mutual funds and stocks.
  5. Rounding and cover period. The result is rounded up to the next ₹2.5 lakh, with a minimum of ₹50 lakh, and the cover period runs from your age today to the support age. Our guide to choosing a term insurance tenure covers how long that should be.

Worked example. You are 30, your household spends ₹60,000 a month, you want to support your family until you would have turned 60, you owe ₹30 lakh on a home loan and you have one child, with no existing cover. 80% of ₹60,000 is ₹48,000 a month, or ₹5,76,000 a year, which grows to ₹6,66,792 over three years. Funding that for the 27 years from age 33 to 60 takes about ₹1.05 crore; adding the ₹30 lakh loan and ₹50 lakh for the child brings the cover to ₹1.85 crore after rounding up, over a 30-year cover period.

The calculator does not account for your family's specific goals, changing income, taxes or actual investment returns, and it is not a premium quote. Our guide to how much term insurance cover you need sets the same idea out as a worksheet you can fill in by hand, and what ₹1 crore of term cover costs by age has real premiums from nyvo's own premium data.

What does term insurance cost at your age?

This page is a cover calculator, not a premium calculator, but the price question comes straight after. Here is what ₹1 crore of cover to age 60 cost a non-smoker in nyvo's own premium data of May 2026, as a monthly range across HDFC Life Click 2 Protect Supreme Plus, Axis Max Life Smart Term Plan Plus and Tata AIA Sampoorna Raksha Promise, for men and women together.

Age when you buyMonthly premium, ₹1 crore to 60
25₹560 to ₹770
30₹660 to ₹870
35₹820 to ₹1,070
40₹1,080 to ₹1,440
45₹1,500 to ₹2,060

Your own premium will differ with your health, income, the insurer and the cover the calculator gives you. For a quote on your figures, book a free call with a nyvo advisor, and the advisor will price the cover the calculator gave you. Or compare term insurance quotes yourself.

Watch: how much term cover do you need?

Watch: how much cover to take, why a plain term plan usually wins, and the two insurer figures to check (2 min). Open the video page
What this video covers (8 chapters)
  1. 0:09What is term insurance?
  2. 0:23How much term insurance cover do you need?
  3. 0:33How to choose a term insurance plan
  4. 0:39Why buy a vanilla term insurance plan?
  5. 0:52Claim settlement ratio
  6. 1:06Amount settlement ratio
  7. 1:28Comparing term insurance premiums
  8. 1:44What to disclose when buying term insurance

Term insurance calculator questions, answered

How much term insurance cover do I need?
For a typical salaried buyer with a home loan, nyvo's term guide puts it between ₹1 crore and ₹2 crore. The method: add your loans, 10–15 years of family expenses and big goals such as children's education, then subtract the liquid savings and any life cover you already hold. This calculator works it out from your own figures, with inflation and investment returns built in.
Is this a term insurance premium calculator?
No. It works out how much cover to buy and for how long, not what that cover will cost. For a sense of price, the price table on this page and the calculator's assumptions panel show what ₹1 crore of cover to age 60 cost a non-smoker in nyvo's own premium data (May 2026), across HDFC Life, Axis Max Life and Tata AIA. Your premium depends on the insurer, the cover and term, your health and tobacco use.
How is a term insurance premium worked out?
The insurer prices it mainly on your age, the cover, how long it runs, your health and whether you use tobacco, then adjusts for sex, income and how you pay. In nyvo's May 2026 premium data, ₹1 crore of cover to 60 cost a non-smoker ₹660 to ₹870 a month at 30 and ₹1,080 to ₹1,440 at 40, across HDFC Life, Axis Max Life and Tata AIA.
Till what age should term insurance cover me?
Until your family stops depending on your income, which for most people is 60 to 65, when children are independent and loans are cleared. The calculator sets the cover period from your age today to the support age you choose, so choosing 65 rather than 60 lengthens the cover and raises the amount needed.
Why does the calculator add ₹50 lakh for each child?
It is the model's fixed allowance per child, counted for up to three children. nyvo's cover guide budgets ₹15–50 lakh per child for education alone, so the calculator sits at the top of that range; adjust the result if your plans for your children differ.
What does the calculator assume about inflation and returns?
It assumes household spending rises 5% a year, that the payout, once invested, earns 10% a year, and that death occurs three years from now. These are fixed planning assumptions, not predictions: a lower return or higher inflation would mean more cover is needed.

Sources

  • Premiums: nyvo's own premium data, May 2026, for ₹1 crore of cover to age 60, regular pay, non-smoker and non-diabetic, salaried graduate on ₹10 lakh income.
  • The cover method: the calculator's own logic, set out above, and the worksheet in our cover guide.

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