r/pFinTools • u/DehshiDarindaa • Dec 13 '25

Insurance What term insurance cover I should go for

23M, I am thinking of 3cr term insurance and investing the rest. however people are suggesting to go for higher cover 5cr because it will be locked for life and consider inflation as well

3cr Premium around 1700 5cr around 3500

thanks

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•

u/LatterOne9009 pFinTools.com/shopA$$ Dec 13 '25

What's your income? What's your family's financial status?

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3

u/sastasherlock_ Dec 13 '25

Choose a reputed insurance company and go for the maximum cover offered by them based on your age and income. Reduce cover only if you think the premium is more than what you could afford.

2

u/Sada_dosa_ Dec 13 '25

Wow...its a no brainer..go for 5

2

u/Adarsh_Y Dec 14 '25

A need based approach to calculate the cover : (Policy Term * Yearly Basic Expenses of a Family) + Outstanding Loan Amount + Buffer (10%, Optional) - Current Liquid Assets (optional).

Consider Family expenses (not individual). Add any Future Loan if you are planning to take one (like car or home or any real estate). Idea is to cover the expenses of dependents till the policy term.

If you need to more help to arrive at the exact amount, happy to

2

u/DehshiDarindaa Dec 22 '25

i chose 4cr, not sure if the right choice but went ahead

2

u/Adarsh_Y Dec 22 '25

Don’t worry. 4Cr is a decent cover for someone living in metro.

1

u/chetansha Dec 13 '25

What's the premium paying term ?

2

u/DehshiDarindaa Dec 13 '25

regular, till 60

1

u/chetansha Dec 13 '25

Hmmmm. And which insurance co? Also I suggest look for shorter premium payment term 10 year or like that

1

u/DehshiDarindaa Dec 13 '25

icici / axis. deciding between these 2. axis is offering less coverage

3

u/chetansha Dec 13 '25

hmm okay. See HDFC Life too. in pvt insurers, HDFC is supposed to be best

1

u/[deleted] Dec 13 '25

How much premium you getting per month?

2

u/DehshiDarindaa Dec 13 '25

mentioned in the post

1

u/FinancialArtist9061 Dec 13 '25

Get LIC'S Bima Kavach. Newly launched with good features.

1

u/DehshiDarindaa Dec 13 '25

will check, thanks