My age is 32 years and my wife's age is 30 yrs, we have a one year old kid with no other dependents. I have a personal accident policy of New India Insurance of 2 lakhs and life insurance policy of 5 lakhs. Now, I wanted to buy another PA Policy. What should be my minimum total coverage of life insurance?
Minimum life insurance should be 10 times of your annual income. You can also check here - http://www.policywala.com/hlvcalculator.php and http://www.policywala.com/lincalculator.php for exact amount. You can opt for term insurance to fill the gap. You can also keep your personal accident at the same sum assured.