Is this a universal life-insurance formula?

No. It is a current-value household planning model. Your chosen support horizon, debts, goals, assets and existing cover drive the result.

Should I subtract my house from assets?

Only when you believe it would realistically be available to meet the household need under the scenario you are planning.

Does this replace an insurer quote?

No. It estimates a planning gap and does not model underwriting, premiums, taxes or policy-specific terms.

Life protection

Term Life Cover Planner

A transparent family-support model. Estimate the life-cover gap using the support your family may need, debt, goals, liquid assets and existing insurance.

Enter your planning assumptions

Annual family support needed (₹)Use the amount the household would need to replace from the insured person's income.

Years of supportUse your own planning horizon, such as until children become financially independent.

Outstanding debts (₹)

Major future goals (₹)Examples: education or another stated family obligation.

Liquid assets available to family (₹)

Existing life cover (₹)

Planning cover gap

₹0

Income replacement

₹0

Debt + goals

₹0

Assets + existing cover

₹0

Formula: (annual support × years) + debt + goals − liquid assets − existing life cover. Negative values are floored at zero.

How to use the result

Start by deciding what the family support requirement actually means in your household. It can be the full current family income or only the amount that would need replacement after removing discretionary spending.

Don't double-count assets

Only subtract assets that are genuinely available to meet the household need. A self-occupied home or a long-term retirement corpus may not be equivalent to cash available for immediate family support.

Review after life changes

Marriage, a new child, a home loan, a large salary change, a business launch or a major increase in savings can change the protection gap. Re-run the model when the household's balance sheet changes.

This is an educational planning model. Actual policy needs depend on policy terms, underwriting, taxes, inflation, dependents and household circumstances.