The general rule is 10-15 times your annual income. But a better approach is to calculate:
1. Annual expenses × years until youngest child is independent
2. + Outstanding debts (mortgage, loans)
3. + Children's education fund
4. + Spouse retirement fund
5. - Existing savings and investments
For a person earning ₹10 lakh/year with 2 kids, coverage of ₹1-1.5 Crore is typical.
Read more: How Much Life Insurance Do I Need?
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