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How to calculate the amount of life insurance cover?

How to calculate the amount of life insurance cover?

Saturday, November 4, 2017, 11:06 AM

The simplest method to calculate the life insurance cover is ‘Income Replacement’ method. In this case, the insurance needs = (annual income) X (number of years left for retirement). For instance, if your annual income is Rs 5 lakh and you are 45 today with another 15 years to retire; in this case your insurance cover works to Rs 75 lakh.
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