Term insurance is the cheapest, cleanest way to protect your family from the financial impact of an early loss. Choosing the right cover is a five-minute exercise if you follow a framework.
The three-part formula
1. Multiply your current annual expenses by the number of years your youngest dependent needs support.
2. Add all outstanding loans: home loan, car loan, personal loans and credit card balances.
3. Add planned goals: children's education, a wedding, or a lump sum for your spouse's retirement.
The total, less existing savings and investments, is the term cover you need. For most 30 to 40 year olds this lands between ₹1 crore and ₹3 crore.
Ready to take the next step?
Talk to the nSquare advisory desk for a plan tailored to your numbers.
