Is your Family Insured? Know the adequate Insurance required
The Life Insurance Calculator is quite popular among those who are looking to protect their family via Life Insurance. It is also popularly known as Human Life Value Calculator. Such Life Insurance Calculators are used by major insurance companies as ICICI Prudential, LIC, Aviva, HDFC Life, etc. InvestmentYogi provides a very simple calculator for knowing the Life Insurance amount needed for a person to secure his family against unforeseen circumstances.
Why should you use this calculator?
If you are eager to know how much amount is needed to help your family lead a comfortable life in your absence, this calculator is the one you need. Thousands of our users have used this to make better decisions with their insurance. So can you.
How to use this calculator?
The entries to make are:
Current Income – The total income that you receive every year from various sources such as salary, rents, etc.
Expected Income Growth % p.a – How much increment you expect on an average every year from now. Ex: You might expect your income to grow by 10% p.a.
Expected Returns % p.a (Scenario 1) – In case your family invests the insurance amount in a decent and safe instrument for regular income, how much returns you expect from such an investment.
Expected Returns % p.a (Scenario 2) – You can give one more scenario for your investments. This could be more or less than the previous entered value, depending upon your expectations. This will help you analyse two different scenarios. This field is not mandatory.
Years till Retirement – The number of years left for you to retire from now.
Ex: If you expect to retire at 60 and you are currently 30 years old, your years till retirement will be 30.
Once you have enter these values and click on calculate, the result would be stating the total insurance amount you would need to secure your family. In case you have entered values in both scenarios, you would be receiving the result for both scenarios.
When should you use this Calculator?
This calculator is to be used by those who are looking to secure their family financially in their absence.
Can it be used in any other situation?
This is specifically used when looking for insurance requirement based on income.
Frequently asked questions about Insurance
Some frequently asked questions related to insurance have been answered in the following articles:
Types of Insurance Policies – This article specifies the various types of insurance policies available in the market along with their benefits and usage.
Term Insurance Simplified – It explains about term insurance in detail. It also states it’s various features such as age for entry, loans, etc.