How Much Life Insurance Do You Really Need?
Two simple methods to size your life cover — income replacement and the DIME approach — so your family is protected without over-paying for premiums.
DIME Insurance Calculator
Verified formula Updated Jun 2026 Private — runs on your device
Verified formula
Private
Total cover needed (DIME)
₹1,65,00,000
For general information only — not financial, tax, legal or medical advice. Verify before you rely on it.
How to use the DIME Insurance Calculator
The DIME Insurance Calculator works out your total cover needed (dime) in an instant. Enter debts (excl. mortgage), income to replace and mortgage balance and the result updates as you type — it is free, needs no sign-up, and runs entirely in your browser so your figures stay private.
- Enter the debts (excl. mortgage).
- Enter the income to replace.
- Enter the mortgage balance.
- Enter the education fund.
- Read off your total cover needed (dime) — the calculator updates automatically, with no button to press.
Formula
The DIME Insurance Calculator uses the formula:
Total cover needed (DIME) = Debts (excl. mortgage) + Income to replace + Mortgage balance + Education fund
Worked example
For example, with debts (excl. mortgage) of ₹500,000, income to replace of ₹10,000,000, mortgage balance of ₹4,000,000 and education fund of ₹2,000,000, the total cover needed (dime) is ₹1,65,00,000.
| Debts (excl. mortgage) | ₹500,000 |
|---|---|
| Income to replace | ₹10,000,000 |
| Mortgage balance | ₹4,000,000 |
| Education fund | ₹2,000,000 |
| Total cover needed (DIME) | ₹1,65,00,000 |
|---|
Results are estimates for educational use, not professional advice.
Frequently asked questions
DIME sums four needs: Debt, Income replacement, Mortgage and Education. Adding them gives a thorough estimate of the life cover required.
The mortgage is usually the largest single debt, so DIME lists it separately to make sure the home can be paid off.
Multiply your annual income by the years your family would need support, often until children are independent.
It is more thorough than a flat multiple of income because it accounts for specific debts and future goals like education.
The DIME Insurance Calculator uses the formula: Total cover needed (DIME) = Debts (excl. mortgage) + Income to replace + Mortgage balance + Education fund. For example, with debts (excl. mortgage) of ₹500,000, income to replace of ₹10,000,000, mortgage balance of ₹4,000,000 and education fund of ₹2,000,000, the total cover needed (dime) is ₹1,65,00,000.
Enter the debts (excl. mortgage). Enter the income to replace. Enter the mortgage balance. Enter the education fund. Read off your total cover needed (dime) — the calculator updates automatically, with no button to press.
Related guides
DIME Insurance Table: Total cover needed (DIME) by Debts (excl. mortgage)
Reference table of total cover needed (dime) for DIME Insurance across a range of debts (excl. mortgage) values — exact, engine-computed figures you can read off at a glance.
How to Calculate DIME Insurance: Formula, Steps & Examples
Learn how to calculate DIME Insurance — the formula explained step by step, with worked examples and a free calculator to check your answer.
Insurance Co-Payment Table: Your share by Claim amount
Reference table of share for Insurance Co-Payment across a range of claim amount values — exact, engine-computed figures you can read off at a glance.