How to Calculate Human Life Value Formula?

How To Calculate Human Life Value Formula?

The calculation of the human life value formula is not an easy task. However, there are some basic steps that you can follow to calculate the formula.

Current age – Age should be calculated on the basis of the last birthday.

Retirement age – At what age you would be retiring.

Educational Qualification – Graduate and Non-graduate

Annual income – Income from all the sources

Monthly expense – All the expenses incurred in a month

Existing insurance cover – if you have taken any other life insurance policy

Liabilities- this can include any outstanding loans such as Home loans, Personal loans, and any other type of loans.

What is Human Life Value?

Human Life Value (HLV) is the monetary value of a person's life based on their future earnings potential. It is the amount of money that an individual would need to earn in their lifetime to provide for their family's current and future financial needs, taking into account inflation and other factors.

To calculate HLV, several factors are considered, including the person's age, gender, education level, occupation, income, and potential for career advancement. The calculation also takes into account the individual's future earning potential, as well as any expenses that would be incurred over their lifetime, such as education costs, healthcare expenses, and retirement savings.

How to Calculate Human Life Value in Insurance?

The human life insurance value calculator is the best tool to decide the sum assured to be taken by the customer as it takes into consideration all the factors. The human life value calculator can be found online for calculating the sum assured required. There are two different ways to calculate human life value; one is the income replacement method and the other is the need-based method. In the income replacement method insurance calculator, whatever income the family needs for support is calculated, and in the need-based method the amount needed to cover the needs of the family in case of the death of the sole breadwinner is calculated.

How Much Premium for 20 Crore Term Insurance Policy?

Term insurance plans are affordable and provide high coverage at a low cost. 20 Crore term Insurance is a term life insurance policy that offers a sum assured of Rs. 20 Crore. In case of an unexpected death of the life assured during the policy term, a death benefit will be provided to the nominee mentioned under the term insurance policy. For a 30-year-old non-smoker, the annual premium for a 20 crore term insurance policy might range from approximately Rs. 1,20,000* to Rs. 1,50,000*.

How Much Premium for 15 Crore Term Insurance Policy?

Term insurance plans are affordable and provide high coverage at a low cost. 15 Crore term Insurance is a term life insurance policy that offers a sum assured of Rs. 15 Crore. In case of an unexpected death of the life assured during the policy term, a death benefit will be provided to the nominee mentioned under the term insurance policy. For a 30-year-old non-smoker, the annual premium for a 15 crore term insurance policy might range from approximately Rs. 1,00,000* to Rs. 1,15,000*.

How Much Premium for 10 Crore Term Insurance Policy?

Term insurance plans are affordable and provide high coverage at a low cost. 10 Crore term Insurance is a term life insurance policy that offers a sum assured of Rs. 10 Crore. In case of an unexpected death of the life assured during the policy term, a death benefit will be provided to the nominee mentioned under the term insurance policy. For a 30-year-old non-smoker, the annual premium for a 10 crore term insurance policy might range from approximately Rs. 75,000* to Rs. 85,000*.

How Much Premium for 7 Crore Term Insurance Policy?

Term insurance plans are affordable and provide high coverage at a low cost. 7 Crore term Insurance is a term life insurance policy that offers a sum assured of Rs. 7 Crore. In case of an unexpected death of the life assured during the policy term, a death benefit will be provided to the nominee mentioned under the term insurance policy. For a 30-year-old non-smoker, the annual premium for a 7 crore term insurance policy might range from approximately Rs. 40,000* to Rs. 60,000*.

How Much Premium for 5 Crore Term Insurance Policy?

Term insurance plans are affordable and provide high coverage at a low cost. 5 Crore term Insurance is a term life insurance policy that offers a sum assured of Rs. 5 Crore. In case of an unexpected death of the life assured during the policy term, a death benefit will be provided to the nominee mentioned under the term insurance policy. For a 30-year-old non-smoker, the annual premium for a 5 crore term insurance policy might range from approximately Rs. 25,000* to Rs. 35,000*.