Last reviewed: 10 September 2026. These pages estimate cover or IDV from inputs you type. They do not bind an insurer.
A home-loan EMI creates a multi-year liability. Term life cover is one way to leave a cash buffer if the earner dies while that liability is still open. It is not automatically a loan-waiver from the bank unless you buy a product that says so. Motor IDV is a different problem: declared value usually falls as the car ages, so a cheaper premium can mean a thinner payout.
The term insurance page sizes a round cover from income, years of dependence and outstanding loans you enter. Medical loadings, occupation, smokers’ rates and GST on premium are not a live quote. Use the number as a conversation starter with a licensed insurer or the ₹49 consult, not as a premium you will actually pay.
A practical check next to a housing EMI: if ₹40 lakh is still outstanding, dependents still need that rupee amount even if the bank does not demand a separate settlement from them. Adding a few years of household expenses on top is a planning choice, not a formula we hide in the engine.
Insured declared value is not the sticker price from the showroom invoice after year one. Own-damage cover is priced off IDV; third-party liability is a different statutory piece. If the car still has a loan, dropping to third-party-only to save premium is a cash-flow decision that can leave the loan uncovered after a total loss — sketch both on car insurance and car loan EMI.
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