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Human Life Value Calculator
Calculate the Life Insurance cover you need to secure your family’s future
All fields are mandatory *
What is HLV?
With the help of HLV one can determine the value of life insurance they will need for giving complete financial protection to your family.
How is Human Life Value calculated?
Personal Profile
– Here the person is required to put in two pieces of information i.e.b. Expected age at the time of your retirement. Although salaried people retire at the age of 60/65 years, most self-employed people tend to work longer.
2.
Total Savings
– It is important to ascertain how much savings you have before finalizing an amount for life insurance. This includes:b. The current value of all the fixed deposits in your possession.
c. Details of other savings or investments done by you in the form of mutual funds, bonds, gold, RDs, etc.
3.
Liabilities
– Under this, you will have to declare the following things:b. Details regarding any personal loan that is taken under your name. Mention the amount of total number of EMIs that must be paid in the future.
c. Any vehicle loan that is still running and the total number of EMIs left.
d. Apart from the above three, if any other outstanding debts are remaining.
4.
Income
– A person’s income is calculated by putting together the data from the following fields:b. Other income sources – Apart from the salary, there are other sources a person can earn from. Such as:
ii. Annual profit or gain from any business owned
iii. Profit earned by selling stock, real estate, or bonds
iv. Others
c. Mention the total value of any existing life insurance purchased by you. This will include any term plans, regular insurance policies, or even ULIPs with life cover benefit.
How to Calculate Human Life Value (HLV)
What does HLV include?
b. All the expenses and liabilities that might occur. This also takes into account the inflation part.
c. Any unpaid or outstanding investment or loan EMIs.
d. Provisions for any health, education, or general life-related exigencies.
Features of HLV
2. It takes into account all the relevant data such as your age, your retirement age, your income, and your liabilities to help you determine the correct life cover.
Benefits of HLV
2. Helps you choose the right cover that will help your family and loved ones, sail through the difficult times in your absence.
Eligibility Criteria
How Much Life Insurance Cover Do You Need?
FAQs (Frequently Asked Questions)
Who Invented Human Life Value?
Human life value (HLV) was invented by Dr. Solomon S. Huebner.
Why is Human Life Value Important?
HLV is a number that informs you about how much money your dependants will require in case of your untimely demise. Therefore, HLV helps you find out an adequate life cover amount.
How Can You Assess Your Human Life Value?
There are various factors that are considered in order to assess human life value, such as your age, occupation, annual income, desired retirement age, etc.
What is the Importance of HLV?
HLV informs you about the funds your family will require in case you pass away untimely. Thus, it is of utmost importance to understand HLV in order to find out the right life cover amount.
Why is it Important to Value all Human Life?
Life insurance is crucial in order to provide financial protection to the family. Therefore, it is essential to find out the right cover amount. A person must understand what human life value (HLV) is if he/she wants to calculate the cover amount. HLV is a number that provides information about how much money a person’s family will need in case of his/her untimely demise. Therefore, a person can find out an adequate cover amount by understanding HLV.
How can the right amount of life insurance give you peace of mind?
The right life insurance coverage ensures your family’s financial security, covering expenses, debts, and future needs in your absence. It provides peace of mind by eliminating worries about their well-being.
What is the primary purpose of a Human Life Value (HLV) calculator?
An HLV calculator estimates the ideal life insurance coverage based on your income, liabilities, and financial goals, helping you secure your family's future.
Is the human life value aspect the same for everyone?
No, HLV varies based on factors like income, savings, liabilities, and future expenses, making it unique to each individual.
How often should I recalculate my human life value?
You should recalculate your HLV annually or whenever there’s a significant financial change, such as a salary increase, new debts, or major life events.
Can a human life value calculator help with retirement planning?
Yes, it helps estimate financial needs, ensuring you have adequate savings and coverage to maintain your lifestyle after retirement.
How accurate are human life value calculators?
HLV calculators provide a reliable estimate, but actual needs may vary based on changing financial circumstances, inflation, and personal goals.
DisclaimerThe information contained herein is generic in nature and is meant for educational purposes only. Nothing here is to be construed as an investment or financial or taxation advice nor to be considered as an invitation or solicitation or advertisement for any financial product. Readers are advised to exercise discretion and should seek independent professional advice prior to making any investment decision in relation to any financial product. Aditya Birla Capital Group is not liable for any decision arising out of the use of this information.