{"id":41789,"date":"2026-07-24T18:00:05","date_gmt":"2026-07-24T12:30:05","guid":{"rendered":"https:\/\/kuvera.in\/blog\/?p=41789"},"modified":"2026-07-24T15:24:15","modified_gmt":"2026-07-24T09:54:15","slug":"how-do-i-decide-if-term-insurance-is-good-or-bad-for-my-budget-and-needs-2","status":"publish","type":"post","link":"https:\/\/kuvera.in\/blog\/how-do-i-decide-if-term-insurance-is-good-or-bad-for-my-budget-and-needs-2\/","title":{"rendered":"How do I decide if term insurance is good or bad for my budget and needs?"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_40 counter-hierarchy ez-toc-counter ez-toc-light-blue ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" area-label=\"ez-toc-toggle-icon-1\"><label for=\"item-6a6443c863172\" aria-label=\"Table of Content\"><span style=\"display: flex;align-items: center;width: 35px;height: 30px;justify-content: center;direction:ltr;\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/label><input  type=\"checkbox\" id=\"item-6a6443c863172\"><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/kuvera.in\/blog\/how-do-i-decide-if-term-insurance-is-good-or-bad-for-my-budget-and-needs-2\/#who_needs_term_insurance\" title=\"who needs term insurance\">who needs term insurance<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/kuvera.in\/blog\/how-do-i-decide-if-term-insurance-is-good-or-bad-for-my-budget-and-needs-2\/#when_term_insurance_may_not_be_needed\" title=\"when term insurance may not be needed\">when term insurance may not be needed<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/kuvera.in\/blog\/how-do-i-decide-if-term-insurance-is-good-or-bad-for-my-budget-and-needs-2\/#what_to_check_before_buying\" title=\"what to check before buying\">what to check before buying<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/kuvera.in\/blog\/how-do-i-decide-if-term-insurance-is-good-or-bad-for-my-budget-and-needs-2\/#coverage_amount_how_much_is_enough\" title=\"coverage amount. how much is enough\">coverage amount. how much is enough<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/kuvera.in\/blog\/how-do-i-decide-if-term-insurance-is-good-or-bad-for-my-budget-and-needs-2\/#premium_costs_what_affects_them\" title=\"premium costs. what affects them\">premium costs. what affects them<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/kuvera.in\/blog\/how-do-i-decide-if-term-insurance-is-good-or-bad-for-my-budget-and-needs-2\/#side-by-side_comparison\" title=\"side-by-side comparison\">side-by-side comparison<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/kuvera.in\/blog\/how-do-i-decide-if-term-insurance-is-good-or-bad-for-my-budget-and-needs-2\/#frequently_asked_questions\" title=\"frequently asked questions\">frequently asked questions<\/a><\/li><\/ul><\/nav><\/div>\n<p class=\"ds-markdown-paragraph\"><span class=\"\">term insurance is pure protection. it pays a lump sum if the policyholder dies during the policy term. if the policyholder survives, no payout is made\u00a0<\/span><span class=\"\">.<\/span><\/p>\n<p class=\"ds-markdown-paragraph\"><span class=\"\">the decision to buy term insurance depends on several factors. dependents. liabilities. budget. financial goals. not everyone needs it. for those who do, the right plan depends on specific circumstances.<\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"who_needs_term_insurance\"><\/span><strong><span class=\"\">who needs term insurance<\/span><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p class=\"ds-markdown-paragraph\"><strong><span class=\"\">term insurance makes sense when someone has dependents.<\/span><\/strong><span class=\"\">\u00a0the primary purpose is to replace income for people who rely on the policyholder&#8217;s earnings. this includes spouses, children, and ageing parents\u00a0<\/span><span class=\"\">.<\/span><\/p>\n<p class=\"ds-markdown-paragraph\"><strong><span class=\"\">term insurance makes sense when there are liabilities.<\/span><\/strong><span class=\"\">\u00a0home loans, business loans, and education loans do not disappear. if the policyholder is not around, the family inherits the debt. term insurance covers this\u00a0<\/span><span class=\"\">.<\/span><\/p>\n<p class=\"ds-markdown-paragraph\"><strong><span class=\"\">term insurance makes sense when there is no substantial wealth.<\/span><\/strong><span class=\"\">\u00a0someone with significant assets may not need insurance. the family can manage without it. a person with limited savings needs protection\u00a0<\/span><span class=\"\">.<\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"when_term_insurance_may_not_be_needed\"><\/span><strong><span class=\"\">when term insurance may not be needed<\/span><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p class=\"ds-markdown-paragraph\"><strong><span class=\"\">no dependents.<\/span><\/strong><span class=\"\">\u00a0if no one relies on the income, protection is unnecessary. the payout has no one to protect. the premium money could be better used elsewhere\u00a0<\/span><span class=\"\">.<\/span><\/p>\n<p class=\"ds-markdown-paragraph\"><strong><span class=\"\">no liabilities.<\/span><\/strong><span class=\"\">\u00a0if there is no debt, the need is lower. the family does not need to worry about loan repayments\u00a0<\/span><span class=\"\">.<\/span><\/p>\n<p class=\"ds-markdown-paragraph\"><strong><span class=\"\">significant assets.<\/span><\/strong><span class=\"\">\u00a0if savings and investments are enough, protection is not needed. the family can manage financially without insurance\u00a0<\/span><span class=\"\">.<\/span><\/p>\n<p class=\"ds-markdown-paragraph\"><strong><span class=\"\">tax saving as the only reason.<\/span><\/strong><span class=\"\">\u00a0buying insurance solely for tax benefits is a mistake. other options like ppf, nps, and elss offer tax savings without long-term commitments\u00a0<\/span><span class=\"\">.<\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"what_to_check_before_buying\"><\/span><strong><span class=\"\">what to check before buying<\/span><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p class=\"ds-markdown-paragraph\"><strong><span class=\"\">claim settlement ratio.<\/span><\/strong><span class=\"\">\u00a0this is the percentage of claims paid. a four-year average above 99% is preferable. the industry average is 98.66%\u00a0<\/span><span class=\"\">.<\/span><\/p>\n<p class=\"ds-markdown-paragraph\"><strong><span class=\"\">amount settlement ratio.<\/span><\/strong><span class=\"\">\u00a0this is what percentage of the claim amount is actually paid. a company can approve 99 claims out of 100 but pay only 80% of the amount. look for above 95%\u00a0<\/span><span class=\"\">.<\/span><\/p>\n<p class=\"ds-markdown-paragraph\"><strong><span class=\"\">solvency ratio.<\/span><\/strong><span class=\"\">\u00a0this is assets divided by liabilities. the regulatory minimum is 1.5. a ratio above 1.80 is preferable. this indicates financial strength\u00a0<\/span><span class=\"\">.<\/span><\/p>\n<p class=\"ds-markdown-paragraph\"><strong><span class=\"\">annual premium volume.<\/span><\/strong><span class=\"\">\u00a0large premium volumes indicate scale and stability. a benchmark is \u20b95,000 crore or more\u00a0<\/span><span class=\"\">.<\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"coverage_amount_how_much_is_enough\"><\/span><strong><span class=\"\">coverage amount. how much is enough<\/span><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p class=\"ds-markdown-paragraph\"><span class=\"\">a common rule of thumb is 10 to 15 times annual income\u00a0<\/span><span class=\"\">. this is a starting point, not a final answer.<\/span><\/p>\n<p class=\"ds-markdown-paragraph\"><span class=\"\">some experts suggest 15 to 20 times annual income for salaried individuals. self-employed buyers may need 10 to 15 times average annual profit\u00a0<\/span><span class=\"\">. for urban families with large loans and children, 20 to 25 times annual income may be more appropriate\u00a0<\/span><span class=\"\">.<\/span><\/p>\n<p class=\"ds-markdown-paragraph\"><span class=\"\">the needs-based approach accounts for liabilities, future expenses, and income replacement years\u00a0<\/span><span class=\"\">.<\/span><\/p>\n<p class=\"ds-markdown-paragraph\"><strong><span class=\"\">calculation method.<\/span><\/strong><\/p>\n<ul>\n<li>\n<p class=\"ds-markdown-paragraph\"><span class=\"\">monthly family expenses \u00d7 number of years they need support<\/span><\/p>\n<\/li>\n<li>\n<p class=\"ds-markdown-paragraph\"><span class=\"\">add outstanding liabilities (home loan, car loan, personal loans)<\/span><\/p>\n<\/li>\n<li>\n<p class=\"ds-markdown-paragraph\"><span class=\"\">add future goals (children&#8217;s education, marriage)<\/span><\/p>\n<\/li>\n<li>\n<p class=\"ds-markdown-paragraph\"><span class=\"\">subtract existing assets (savings, investments, provident fund)<\/span><\/p>\n<\/li>\n<\/ul>\n<p class=\"ds-markdown-paragraph\"><span class=\"\">this gives a rough estimate of the cover needed\u00a0<\/span><span class=\"\">.<\/span><\/p>\n<p class=\"ds-markdown-paragraph\"><span class=\"\">older policies lose value over time. a \u20b950 lakh cover bought 10 years ago has much less purchasing power today. inflation and growing responsibilities mean the original cover is often insufficient. regular reviews are essential\u00a0<\/span><span class=\"\">.<\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"premium_costs_what_affects_them\"><\/span><strong><span class=\"\">premium costs. what affects them<\/span><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p class=\"ds-markdown-paragraph\"><span class=\"\">age is the biggest factor. premiums increase with age. a 30-year-old pays less than a 40-year-old for the same cover\u00a0<\/span><span class=\"\">.<\/span><\/p>\n<p class=\"ds-markdown-paragraph\"><span class=\"\">health matters. smokers pay significantly more than non-smokers\u00a0<\/span><span class=\"\">. existing health conditions increase premiums.<\/span><\/p>\n<p class=\"ds-markdown-paragraph\"><span class=\"\">policy term matters. a longer term locks in the lower premium for more years\u00a0<\/span><span class=\"\">.<\/span><\/p>\n<p class=\"ds-markdown-paragraph\"><span class=\"\">riders increase premiums. critical illness and accidental disability add protection but also add cost. buy only what is genuinely needed\u00a0<\/span><span class=\"\">.<\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"side-by-side_comparison\"><\/span><strong><span class=\"\">side-by-side comparison<\/span><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<div class=\"ds-scroll-area ds-scroll-area--show-on-focus-within ds-scroll-area--enabled _1210dd7 c03cafe9\">\n<table>\n<thead>\n<tr>\n<th><span class=\"\">factor<\/span><\/th>\n<th><span class=\"\">term insurance<\/span><\/th>\n<th><span class=\"\">no insurance (alternative)<\/span><\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td><span class=\"\">premium<\/span><\/td>\n<td><span class=\"\">\u20b910,000-\u20b915,000 per year for \u20b91 crore (age 30)<\/span><\/td>\n<td><span class=\"\">zero<\/span><\/td>\n<\/tr>\n<tr>\n<td><span class=\"\">protection<\/span><\/td>\n<td><span class=\"\">family gets lump sum on death<\/span><\/td>\n<td><span class=\"\">family manages with existing assets<\/span><\/td>\n<\/tr>\n<tr>\n<td><span class=\"\">best for<\/span><\/td>\n<td><span class=\"\">dependents, liabilities<\/span><\/td>\n<td><span class=\"\">no dependents, sufficient assets<\/span><\/td>\n<\/tr>\n<tr>\n<td><span class=\"\">tax benefit<\/span><\/td>\n<td><span class=\"\">section 80c up to \u20b91.5 lakh<\/span><\/td>\n<td><span class=\"\">may not apply<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<h2><span class=\"ez-toc-section\" id=\"frequently_asked_questions\"><\/span><strong><span class=\"\">frequently asked questions<\/span><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p class=\"ds-markdown-paragraph\"><strong><span class=\"\">1. is term insurance worth it if the policyholder survives the term<\/span><\/strong><\/p>\n<p class=\"ds-markdown-paragraph\"><span class=\"\">yes. protection was paid for during the highest risk years. the family was covered when risk was highest. that is value.<\/span><\/p>\n<p class=\"ds-markdown-paragraph\"><strong><span class=\"\">2. how much coverage is enough for a middle-class family<\/span><\/strong><\/p>\n<p class=\"ds-markdown-paragraph\"><span class=\"\">10 to 15 times annual income is a starting point. add outstanding loans and future goals. factor in inflation\u00a0<\/span><span class=\"\">.<\/span><\/p>\n<p class=\"ds-markdown-paragraph\"><strong><span class=\"\">3. what happens if the premium is too high<\/span><\/strong><\/p>\n<p class=\"ds-markdown-paragraph\"><span class=\"\">buy a smaller cover. upgrade when income grows. a smaller cover is better than no cover\u00a0<\/span><span class=\"\">.<\/span><\/p>\n<p class=\"ds-markdown-paragraph\"><strong><span class=\"\">4. can term insurance be bought online without an agent<\/span><\/strong><\/p>\n<p class=\"ds-markdown-paragraph\"><span class=\"\">yes. online plans are usually cheaper due to lower distribution costs\u00a0<\/span><span class=\"\">. compare plans. buy from a reputable insurer.<\/span><\/p>\n<p class=\"ds-markdown-paragraph\"><strong><span class=\"\">5. should riders be added<\/span><\/strong><\/p>\n<p class=\"ds-markdown-paragraph\"><span class=\"\">only if useful. critical illness rider and accidental disability rider can be valuable. do not buy riders just because they exist\u00a0<\/span><span class=\"\">.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>term insurance is pure protection. it pays a lump sum if the policyholder dies during the policy term. if the policyholder survives, no payout is made\u00a0. the decision to buy term insurance depends on several factors. dependents. liabilities. budget. financial goals. not everyone needs it. for those who do, the right plan depends on specific [&#8230;]<\/p>\n<p><a class=\"btn btn-secondary understrap-read-more-link\" href=\"https:\/\/kuvera.in\/blog\/how-do-i-decide-if-term-insurance-is-good-or-bad-for-my-budget-and-needs-2\/\">Read 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