MoneyLens / Term life insurance
Your life cover, explained.
Mahanadi Term Return · Mahanadi Life Insurance Ltd
Illustrative
Term life · Return of premium · Before buying
Quote 12 Oct
Life cover
₹1,00,00,000
lump sum
Cover until
Age 62
in 2056, if bought today
Premium
₹28,000
a year for 30 years
3-year rule
3 years
from the start
₹1,00,00,000 of life cover until age 62, ₹28,000 a year for 30 years, with 100% of the base premiums back if alive at the end. For the first 3 years, a claim can be questioned for anything not disclosed in the proposal.
Myra's most important observations
Prefilled from your documents · edit freely
Cover estimate: your numbers, beside this policy
Prefilled from Illustration p.1, Plan details · Illustration p.1, Maturity age 62 · Illustration p.1, Policy term · Illustration p.1
₹6,00,000
20
₹0
₹0
₹0
₹0
6%
7%
Estimate
₹1.10 Cr₹1,09,92,019
This policy's cover
₹1 Cruntil age 62
Estimate above the cover
₹9.9 Lon these numbers
| Family's expenses for the years needed, in today's money | ₹1,09,92,019 |
| Loans to repay | ₹0 |
| Goals (education, a wedding…) | ₹0 |
| Less cover and savings already there | ₹0 |
| Estimate | ₹1,09,92,019 |
The years matter most: until the youngest child is independent, or until your spouse retires. Change any number; nothing here is saved.
Assumptions & limits. An estimate from the numbers on the left, not a recommendation of how much cover to buy. The family's expenses are needed at the start of each year for 20 years, rising 6% a year; the cover, once paid, is invested at 7% a year after tax. Loans and goals at today's amounts. Other cover counts only if it would still be there (an employer's cover usually ends when you leave the job). Start from your own expenses: the figures shown first are only a starting point.