If you weren’t around tomorrow, would ₹1 crore really be enough to safeguard the life you've worked so hard to build for your family? If your family's monthly expenses are over Rs 1 lakh, then a Rs 1-crore corpus might not cut it. Even if invested at 7.5% and regular monthly payouts of Rs 1 lakh, it could be exhausted in about 13 years.Plus, would it take care of any outstanding loans, support your children's education, help your loved ones maintain their lifestyle and provide financial security for years to come?“While ₹1-crore term insurance continues to be a commonly referenced benchmark, its adequacy today depends largely on an individual’s income, liabilities, lifestyle, number of dependents, and long-term financial goals,” says Nilesh Parmar, Chief Operating Officer, Generali Central Life Insurance.For instance, if you have a home loan and other loans outstanding of Rs 40 lakh, a big part of the insurance money would go towards loan repayment. It will be extremely challenging for the family to manage the existing lifestyle. How would they handle the pressure of providing quality education and achieving other life goals, like ensuring a comfortable retirement for the surviving spouse?Many urban households today may require a significantly higher coverage than what was considered adequate a decade ago.“In fact, what was earlier considered a ₹1-crore protection need should now be looked at closer to ₹1.5 crore or more, depending on the customer’s income, liabilities and family responsibilities,” says Shruti Oke, SVP & Head of Product Management, Tata AIA Life Insurance.ET Online