Estimates how much life cover your family would need using the Human Life Value method — replacing your income for a number of years, plus outstanding debts and future goals, minus what you've already saved.
The Human Life Value method estimates the total financial support your family would need if your income stopped: your annual income multiplied by the number of years they'd need to replace it, plus any outstanding loans (so debts don't burden them) and future goals like education or marriage, minus what you've already saved or already have covered through existing insurance.
This is more accurate than the common "10x income" rule of thumb, which ignores your specific debts, goals, and existing savings — two people with the same salary but very different loan balances need very different amounts of cover.
A common rule of thumb is 10-15 times your annual income, but a more accurate method (Human Life Value) also factors in your outstanding debts, future goals like children's education, and existing savings that would offset the need.
Yes — if you already have savings, FDs, or investments that your family could use, the additional life cover you need is reduced by that amount, since your family wouldn't be starting from zero.
Yes, this calculator adds your outstanding loans (home loan, car loan, personal loan) to the required cover, so your family isn't left with debt obligations if something happens to you.