Term insurance is the cheapest and most honest form of life cover — pure protection, no investment frills. The only question is how much. The rule of thumb: replace your income for the years your family needs it, plus loans, minus what you already have.
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Pure life cover with no investment component. You pay a small premium each year; if you die during the policy term, your family gets the cover amount. If you survive, you get nothing back. That's the whole product.
Sounds harsh, but that's exactly why it's the cheapest form of life cover. A 30-year-old non-smoker can usually get ₹1 Cr cover for ₹10,000-15,000 a year. Try getting that price from any other insurance product.
Income replacement model:
Cover = (Annual income × Years to replace) + Outstanding loans − Existing liquid investments
The income-replacement part assumes your family will use the payout to fund their lifestyle for X years. The loans get added because the payout should also clear them. The investments get subtracted because they're already there as a safety net.
This is the same approach Ditto, PolicyBazaar, Acko, and every term insurance need-calculator uses. It's deliberately simple. Real planning gets more nuanced — adjusting for inflation, spouse's income, kids' education separately — but the simple version is usually within 10-20% of "right."
Term insurance is one of the simplest products to buy. If you're confident about how much cover you need and which insurer to pick, you can buy direct through any insurer's website. No problem.
Where Archita helps: matching the right insurer to your medical profile. Some insurers are stricter on smokers; some are friendlier to diabetics; some give better rates for high-cover policies (₹1.5 Cr+). Getting the wrong fit can mean rejection or a 30% higher premium.
She represents 13+ insurers, so she can pre-screen quotes across all of them at once. Drop her a line.